Oil price nears 11-year lows as sector gloom dims Christmas lights

Oil edged lower to about $37 a barrel on Christmas Eve, again flirting with 11-year lows as over-supply continues to hang over the global market.

The price of oil is dipping towards 11-year lows
The price of oil is dipping towards 11-year lows

“For now, there is still an ample supply of crude and a huge amount in storage,” Olivier Jakob, an oil analyst at Petromatrix in Switzerland, said.

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Even after the partial rally this week, Brent crude has more than halved from over $100 a barrel 18 months ago, prompting the abandonment or mothballing of hundreds of exploration and production projects worldwide.