Monday, 21 December 2015

Brent oil tumbles to lowest level since 2004

Brent oil prices plummeted to levels not seen since 2004 in Asia on Monday, as an expanding global surplus due to high-paced production output sparked fears that prices will fall further.

Brent prices for front-month February LCOG6, -1.60%  delivery hit $36.17 a barrel on the London-based ICE Futures Europe Exchange, the lowest intraday level since the middle of July in 2004. Brent was most recently off 60 cents, or 1.6%, to $36.28 a barrel.

U.S. Benchmark West Texas Intermediate CLF6, -1.04%  fell 36 cents, or 1%, to $34.37 a barrel.

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