Oil has fallen to an 11-year low as traders took fright at the prospect of a glut caused by fresh supplies that will outstrip global demand.
Brent crude prices dropped almost 2% to as low as $36.17 a barrel, the lowest since July 2004 and weaker than during the worst of the financial crisis. The price fell to $36.20 on Christmas Eve 2008 as the global economy headed for recession following the collapse of Lehman Brothers.
The price of the global benchmark nudged back up to $36.42 but prices were still below those of the previous trading day.
Global production is hovering around a record high and the market faces fresh supplies from Iran as western sanctions are lifted and Iran seeks to win back customers from Saudi Arabia and Russia. Extra supplies are also looming from the US, where stockpiles are growing as extra drilling rigs are put into operation.
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