Brent crude oil hits 11-year low
Oil prices have fallen to levels not seen since 2004, surpassing the lows seen during the recession of 2008.
Brent crude sank to USD 36.05 a barrel – its weakest since July 2004 – before recovering slightly to USD 36.47, the BBC informs.
A global oversupply has dramatically driven down the price of oil, with suppliers failing to reach agreements to address the glut. A year earlier, the price of Brent stood at about USD 60 a barrel. In June 2014, it stood at USD 115.
The price of US crude was also down on Monday, dropping 31 cents to USD 34.42 a barrel – the lowest since 2009.
Analysts and oil bosses have said there is little sign that the downward trend will change, with more US and Russian oil reaching the markets.
Iranian oil supply will also resume in 2016, following the lifting of sanctions.
In November, the 12 members of OPEC maintained production at 30 million barrels per day, as first agreed in December 2011.