Brent drops to lowest price since 2004 with the festival expanded the approach of Christmas

Brent drops to lowest price since 2004 with the festival expanded the approach of Christmas

: 2015/12/21

{International: Euphrates News} landed price of Brent crude, on Monday, to their lowest level since the 2004 low it from the levels reached in 2008 during the global financial crisis, as a result of renewed fears of an oversupply in the world market with production stay near highs as standard and the approaching entry of new supplies from Iran and the United States market.
And landed futures prices for Brent about two percent to $ 36.17 a barrel at about 0500 GMT, the weakest level since 2004 and below the price of $ 36.20 a barrel reached the day before the Christmas holiday in 2008.

And it landed contracts for crude West Texas Intermediate 33 cents to $ 34.40 a barrel shade near a record low recorded on Friday and was the lowest for 2015.

Van Alkiesaan fell more than two-thirds since mid-2014.

Analysts said the rise in the dollar in the wake of the lifting of US interest rate last week, which made oil more expensive for countries that use different currencies in addition to the renewed increase the number of oil rigs in the United States form a burden on crude oil prices.

And lead and abundant supplies of oil to the US excessively increasing the supply on world markets at a time when the main pump producers, including Russia and OPEC hundreds of thousands of barrels a day beyond the demand.

And exceeded the production of Russia ten million barrels a day, its highest level since the collapse of the Soviet Union, while OPEC production is still near record highs above 31.5 million barrels per day.

In addition to the current abundance of the supply of oil is likely availability of new quantities soon because Iran hopes to increase sales in early 2016 immediately following the adjournment Alaqhobat.anthy