Oil prices drop to lowest since 2004

Both Brent and Crude down

Brent crude prices fell to their lowest in eleven years yesterday, reaching $36.05 a barrel, below the level seen during the financial crisis in 2008.

The weakest price since July 2004 was pushed down by global oversupply, while lower demand for heating oil on warmer-than-normal temperatures and the strong dollar also weighed. Meanwhile, US crude was down 31 cents at $34.42 a barrel; the lowest price since 2009. Brent Crude reached a six-year low of $41.30 a barrel earlier in December, as markets continued to doubt OPEC's unity following a tense bi-annual meeting. After hours of debate, delegates at the meeting last Friday reported that the 13-member group could not agree on a production ceiling and dropped any reference to its e...