AFP, Singapore :
Oil prices extended losses in Asia on Monday on fears that a global supply glut will last another year, with analysts saying the Paris climate deal likely will have no near-term effect on the commodity.
The OPEC cartel’s refusal to cut production as Iran prepares for the lifting of sanctions on its oil exports have brought the price of crude down to levels not seen since early 2009 during the global financial crisis.
Traders are also awaiting an expected interest rate hike by the US Federal Reserve this week, which could lift the dollar and reduce demand by making oil more expensive to customers using weaker currencies.
At 0750 GMT, US benchmark West Texas Intermediate was 18 cents down at $35.44 while Brent crude was 22 cents lower at $37.71.
Prices plunged more than 12 percent last week after the Organization of the Petroleum Exporting Countries, which produces about 40 percent of global oil supply, decided on December 4 not to reduce its output levels.
Oil prices extended losses in Asia on Monday on fears that a global supply glut will last another year, with analysts saying the Paris climate deal likely will have no near-term effect on the commodity.
The OPEC cartel’s refusal to cut production as Iran prepares for the lifting of sanctions on its oil exports have brought the price of crude down to levels not seen since early 2009 during the global financial crisis.
Traders are also awaiting an expected interest rate hike by the US Federal Reserve this week, which could lift the dollar and reduce demand by making oil more expensive to customers using weaker currencies.
At 0750 GMT, US benchmark West Texas Intermediate was 18 cents down at $35.44 while Brent crude was 22 cents lower at $37.71.
Prices plunged more than 12 percent last week after the Organization of the Petroleum Exporting Countries, which produces about 40 percent of global oil supply, decided on December 4 not to reduce its output levels.
