Oil hovers at multiyear lows; analysts see no bottoming out of prices

Crude prices remained around multiyear lows in early Asia trade on Monday after industry watchdog International Energy Agency warned global crude demand will decelerate next year.

OPEC’s own report estimates global demand growth to reach about 1.25 million barrels a day, down from 1.53 million barrels a day in 2015.

On the New York Mercantile Exchange, light, sweet crude futures for delivery in January CLF6, -0.98%  traded at $35.45 a barrel, down $0.17, or 0.5%, in the Globex electronic session. January Brent crude LCOF6, -1.24%  on London’s ICE Futures exchange fell $0.20, or 0.5%, to $37.73 a barrel. Both grades lost around 15% in the past two weeks. U.S. oil previously settled this low in February 2009 and Brent in December 2008.

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