The Global Resource For Connecting Buyers and Sellers

Oil down 3%; Brent near 11yr low as oversupply worries return

Oil fell more than 3% on Monday, with global benchmark Brent back near 11-year lows as last week’s short-covering dried up and players worried that crude prices had more room to swoon in the new year.

US gasoline futures slid more than 2% as the selloff extended to refined oil products. Heating oil fell 1% as expectations of cold weather limited its downside amid a 10% rally in natural gas, another heating fuel.