Oil price takes another tumble as Brent Crude hits a low not seen since 2004

21st December 2015


The price of oil has plummeted to its lowest level in more than a decade with Brent Crude sliding to $36.05 a barrel on Monday.

According to the BBC, this is a level it has not seen since 2004 however data from Bloomberg showed it recovered, albeit slightly, to $36.50.

Reports show a global oversupply has been the main driver of the lower cost as producers are unable to reach agreements on supply.

Some 12 months ago the price of Brent was at circa $60 a barrel but it stood at $115 in June 2014.

WTI crude was also down on Monday, hitting $34.42, marking its cheapest price per barrel since 2009.

Experts are presently not expecting the downward trajectory to change as last month the 12 members of Opec kept production at 30 million barrels per day.

READ MORE: “Don’t hold your breath for an oil price rally”



Leave a Reply

Your email address will not be published. Required fields are marked *