Brent crude has dropped to the lowest level in more than a decade, surpassing the lows hit at the depths of the financial crisis, as the market groans under the weight of over abundant supply.
The international oil marker dipped to 2 per cent to $36.17 a barrel overnight, its lowest level since 2004 and below the $36.20 reached on Christmas Eve in 2008.
West Texas Intermediate, the US oil benchmark, was down 1 per cent to $34.37, but still above its financial crisis low of $32.40 hit almost seven years ago.
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