Morning Money Memo:

Oil prices continue to sink this morning, down 6 percent on news that the oil-producing nations of OPEC rejected increasing calls to lower oil production output amid falling prices. The decision sent prices plummeting this morning, as investors were looking for decisive action from the oil cartels to counter falling prices and seasonally decreasing demand. "I think the new price drops since OPEC announced its decision to leave its target unchanged just shows you how the market had been betting on a cut," says Antoine Halff, Head of the Oil Industry and Markets Division at the International Energy Agency. "It seems many people had been looking at their supply-demand balances showing steep oversupply in the first half of next year and simply assumed that OPEC would take care of it. They've been caught wrong-footed." WTI crude fell below $70 per barrel this morning, marking a new four-year low.

Markets worldwide are mixed this morning. European markets are largely negative after the OPEC decision, as well as October employment numbers showing an increased jobless rate for the eurozone. Asian markets are slightly lower for the day, despite 1 to 2 percent gains for major markets in Japan, Shanghai and India. U.S. markets are unchanged in pre-market trading. Gold prices have fallen $13 per ounce to $1,184.

Over 25 million Americans were estimated to have hit the malls and online shopping Thursday, with millions more expected to do so during the post-Thanksgiving weekend. Shoppers are swiping up steals and deals from retailers nationwide, buying everything from clothes to iPhones to everything in between. Electronics are expected to be the most popular, with many retailers slicing hundreds of dollars off regular purchase prices for both in-store and online sales. But what if you don't know what you need to buy yet? Not to worry, you'd be one of the estimated 44 percent of shoppers going to stores today without a shopping list.

Be sure to watch your wallet before strapping on that yuletide cheer this year. Christmas tree prices are expected to rise 11 percent from last year, with the average tree costing roughly $20. What you pay will ultimately depend on the kind of tree, size and miscellaneous factors such as location and shipping distance. Growers have been hit hard in recent years, with demand for natural Christmas trees falling 17 percent in the past decade, as consumers show interest in smaller and artificial trees for their homes and apartments. Growers have begun producing smaller, more convenient trees, as well as trees with varied looks in order to entice more customers.