Oil prices hit an 11 year low on Monday morning in London, falling by 4%. The price war between leading OPEC and non-OPEC producers is causing the oil glut to worsen. On the London exchange oil fell to $36.40 per barrel and West Texas Intermediate fell to $34.40 per barrel, the lowest price since December 2008. An analyst from Energy Aspects said the failure of OPEC to cut production “mean incessant oversupply continues.” Greater oversupply is predicted in 2016 as Iran comes on full production when sanctions are lifted.
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