Brent Crude at 11 Year low as Market Rout Heads into Christmas

Brent crude prices fell on Monday to their lowest since 2004 on renewed worries over a global oil glut, with production around the world remaining at or near record highs and new supplies looming from Iran and the United States. 

Brent futures fell as low as USD 36.32 per barrel in overnight trading around 0000 GMT, the weakest since 2004, before edging back to USD 36.49 per barrel by 0203 GMT.

 US West Texas Intermediate (WTI) futures were down 20 cents at USD 34.53 per barrel and close to last Friday's 2015 lows. 

Both benchmarks are down more than two-thirds since mid-2014 when the rout began.

 Analysts said a strong dollar following last week's US interest rate hike, which makes oil consumption more expensive for countries using different currencies, as well as a renewed increase in US oil rig counts were weighing on crude prices. 

"The US oil rig count bounced back this week, up by 17 (to 541), putting an end to four consecutive weekly declines," Goldman Sachs said.


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