ECONOMY


Oil price: Brent crude hits 11-year low

Baku, December 21, AZERTAC 

Oil prices have fallen to levels not seen since 2004, surpassing the lows seen during the recession of 2008, according to the BBC.

Brent crude sank to $36.05 a barrel - its weakest since July 2004 - before recovering slightly to $36.47.

A global oversupply has dramatically driven down the price of oil, with suppliers failing to reach agreements to address the glut.

A year earlier, the price of Brent stood at about $60 a barrel. In June 2014, it stood at $115.

The price of US crude was also down on Monday, dropping 31 cents to $34.42 a barrel - the lowest since 2009.

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