Oil settles under $32 for the first time in more than 12 years

U.S. oil futures settled under $32 a barrel on Monday for the first time since December 2003, with concerns over risks for a slowdown in Chinese energy demand and expectations that Iran will soon add to the world’s glut of crude supplies helping to send prices lower for a sixth straight session.

February West Texas Intermediate crude CLG6, -2.39%  shed $1.75, or 5.3%, to settle at $31.41 a barrel on the New York Mercantile Exchange, following a drop of more than 10% last week. That was the lowest settlement since Dec. 5, 2003, according to FactSet data, tracking the most-active contracts.

The drop below $32 for WTI “is significant as that is a key technical support level,” said Tim Evans, chief market strategist at Long Leaf Trading Group.

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