EventsEventsPodcasts
Loader
Find Us
ADVERTISEMENT

Oil prices tumble again to near 11-year low

Oil prices tumble again to near 11-year low
Copyright 
By Euronews
Published on
Share this articleComments
Share this articleClose Button

Oil prices tumbled four percent on Monday, coming close to their 11-year low – amid fears that the global surplus could worsen in the coming months

ADVERTISEMENT

Oil prices tumbled four percent on Monday, coming close to their 11-year low – amid fears that the global surplus could worsen in the coming months as producing countries engage in a pricing war.

Brent crude fell by four percent to below $36.40 (33 euros) a barrel for the first time since December 2008 and US West Texas Intermediate (WTI) sank almost three percent below $34.60 (31.4 euros) a barrel.

Brent traded only 14 cents above the lows last seen during the 2008 financial crisis of $36.20 (32.8 euros) a barrel.

Both benchmarks have fallen every day since OPEC abandoned its output ceiling earlier this month.

The organisation has been pumping near record levels of oil since last year in a bid to drive higher-cost producers such as US shale firms out of the market.

Supplies are expected to grow even more early next year as Iran increases production once sanctions are lifted.

Share this articleComments

You might also like