Reuters – Dec 1, 2014 – U.S. crude fell more than $2 to a five-year low in Asian trade on Monday, while Brent futures touched a fresh four-year low, extending a steep sell-off after OPEC decided not to cut production last week, keeping markets well supplied.
gBoth U.S. crude and Brent have fallen for five straight months, oil’s longest losing streak since the 2008 financial crisis.
“They’re playing the long game, banking that others can’t.”
Brent hit a low of $67.90 a barrel, the lowest since May 2010, and was at $68.38 a barrel by 0145 GMT, down $1.77.
U.S. crude was at $64.70 a barrel, down $1.45 after earlier slipping to an intraday low of $64.10, the lowest since July 2009.
Oil-producing countries from Iraq to Nigeria are revising their 2015 budgets to reflect lower prices.