Brent futures fell below $38 per barrel, which is the lowest level since December 2008.
On Friday, December 11, the oil market extended its brutal decline following the forecast from the International Energy Agency (IEA).
According to an IEA report, the crude market is going to remain oversupplied. Experts anticipate that supply on the global crude market will exceed demand throughout 2016.
In this respect, both Brent and WTI oil fell under pressure. Brent futures for February delivery tested the levels below $38 per barrel on the Intercontinental Exchange (ICE). Sometimes Brent February futures even declined by 5.5% to $37.76 per barrel. Further, prices consolidated just above $38 level per barrel.
On the New York Mercantile Exchange (NYMEX), WTI crude futures for January delivery fell by 3% to $35.63 per barrel. As a result, WTI crude oil showed the weakest data since February 2009.
