Oil Price Flash: Brent Hits 11-Year Lows Early Monday #commoditytrends #oilprices

By 21st December 2015 Industry News No Comments

Brent hit 11-year lows in early Monday trading, as the rise in global supply appears set to outpace demand again in 2016. Brent fell by as much as 2% to a low of $36.05/bbl Monday, the lowest since July 2004, and were down $0.64 at $36.24/bbl. WTI was down $0.50 at $34.23/bbl, hitting $34.12/bbl, its lowest level since 2009.

Brent has fallen by almost 19% so far in December. That’s the steepest decline since the October 2008 collapse of Lehman Brothers.

chart: bloomberg

With oil output running close to record highs, with more oil soon to enter the global oil market from countries such as Iran (post-sanctions) and Libya (possible peace deal), the oil price is set for its largest monthly percentage decline in 7 years.