Oil price: Brent crude hits 11-year low

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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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