Brent crude skids to lowest since 2004

Brent crude prices fell to their lowest in more than 11 years on Monday, hounded by a relentless rise in global supply that looks set to outpace demand again next year.

Oil production is running close to record highs and, with fresh barrels poised to enter the market from the likes of Iran, the United States and Libya, the price of crude is set for its largest monthly percentage decline in seven years.

While consumers have enjoyed lower fuel prices, producers have hacked back spending and cut thousands of jobs, while exporting nations have suffered tumbling revenue.

Brent futures fell by about 2 percent to as low as $36.05 per barrel on Monday, their weakest since July 2004, and were down 45 cents at $36.43 at 0905 GMT.

Brent crude futures haven fallen more than 18.5 percent this month, their steepest fall since the collapse of failed U.S. bank Lehman Brothers in October 2008.

U.S. West Texas Intermediate (WTI) futures dropped 33 cents to $34.40 a barrel, their lowest since 2009.

“Really, I wouldn’t like to be in the shoes of an oil exporter getting into 2016.