Oil prices drop to lowest since 2004

Both Brent and Crude down

Daniel Flynn

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...

To continue reading this article...

Join Investment Week

  • Unlimited access to real-time news, analysis and opinion from the investment industry, including the Sustainable Hub covering fund news from the ESG space
  • Get ahead of regulatory and technological changes affecting fund management
  • Important and breaking news stories selected by the editors delivered straight to your inbox each day
  • Weekly members-only newsletter with exclusive opinion pieces from leading industry experts
  • Be the first to hear about our extensive events schedule and awards programmes

Join now


Already an Investment Week


More on Commodities

European-focused investment grade and high yield credit have highest inflows since April 2020.

Fixed income dominates ETF flows in July

Accounted for $32.5bn

clock 08 August 2022 • 2 min read
David Coombs, head of multi-asset at Rathbones Unit Trust Management

Rathbones' Coombs: Multi-asset funds 'called it right' but unable to combat hardship

Rathbone Multi-Asset Strategic Growth

clock 05 August 2022 • 3 min read
Lee Robinson, founder and CIO, Altana Wealth

Carbon trading: the big long

Time for a different hedge

Lee Robinson
clock 05 August 2022 • 4 min read