Brent Crude Futures Fall to Four-Year Low on Supply Glut

Brent crude fell to the lowest level in four years on concern global supply is outpacing demand. West Texas Intermediate held at a two-year low.

Both grades have collapsed into a bear market as shale supplies boost U.S. output to the most in almost 30 years and global demand growth weakens. The largest OPEC producers are responding by cutting prices, sparking speculation that they will compete for market share rather than reduce supply.