In China, PP prices witnessed a fresh round of decreases as hopes for market stabilization faded in the face of weaker crude oil futures and declining PP futures prices. Crude oil futures on the NYMEX dropped below the $40/barrel threshold after OPEC elected not to take action to stabilize oil markets at its December 4 meeting while May PP futures on the Dalian Commodity Exchange plunged CNY311/ton ($49/ton) week over week. "Domestic producers attempted some increases last week, but these attempts have been abandoned due to weaker crude oil and PP futures prices. Sinopec cut their prices by CNY100-300/ton ($16-47/ton) this week," a distributor stated.