Brent Oil Falls to 11-Year Low in London as Global Glut Persists

Brent crude slumped to the lowest level since 2004 amid speculation suppliers from the Middle East to the U.S. will exacerbate a record glut as they continue fighting for market share.

Futures for February settlement slid as much as 71 cents to $36.17 a barrel on the London-based ICE Futures Europe exchange, the lowest level in intraday trade since July 13, 2004. The contract decreased 18 cents to $36.88 on Friday, the weakest close since December 2008. Prices are down 37 percent this year, set for a third annual loss.

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