Brent crude prices hit their lowest in over 11 years on Monday, hounded by a relentless rise in global supply that looks set to outpace demand again in 2016, Leadership reports.
Oil production is running close to record highs and with more barrels poised to enter the market from the likes of Iran, the U.S. and Libya, the price of crude is set for its largest monthly percentage decline in seven years.
OPEC, led by Saudi Arabia, will stick with its year-old policy of compensating for lower prices with higher production, and shows no signs of wavering, even though every dollar lower in the oil price brings fresh pain to its poorer members.
Brent futures fell by about two per cent to as low as 36.05 dollars per barrel on Monday, their weakest since July 2004.
Brent futures fell by about two per cent to as low as 36.05 dollars per barrel on Monday, their weakest since July 2004.
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