OPEC decided to leave output unchanged

Contributing to the feel good factor that prevails early Monday, helping the euro higher,  is the sharp drop in crude oil prices after OPEC decided to leave output unchanged, rather introduce fresh cuts. Crude fell $2 a barrel as the cartel said it would adhere to previous production levels more strictly instead. "The outcome was relatively good news for oil consumers and highlights a less aggressive shift in the aim of getting prices back up to the $70-$80 range desired by many OPEC members," says Calyon.