Oil prices closed almost steady on Monday in New York in a market with few transactions but always concerned about the high global supply.
A barrel of "light sweet crude" (WTI) for January delivery gained 1 cent to $ 34.74 after finishing last week at its lowest level since February 2009.
In London, a barrel of Brent suffered more. He lost 51 cents to 36.35 fell; its lowest level in 11 years.
"From a technical standpoint, record breaking down exacerbates the downward trend" as investors reduced their price targets, said Tim Evans of Citi. "From the point of view of the real market balance, the situation may it be less dramatic," he added.
The fall in London and the difficulty recovering in New York "specially reflect the persistent imbalance between supply and demand rather than items currently" estimated.
Throughout the year the oil up and tried in vain to remain high. That was frustrated by uncertainty over global demand and particularly since this month OPEC decided not to commit to lower production data.
The market had no support after Iraq said on Friday it would not reduce production and, in turn, reported that the imminent return of Iran to the markets will increase the supply by half a million barrels a day, said John Kilduff, of the Again Capital firm.
"We knew all that, but it is a reminder of the unfavorable elements that are weighing on the market," he said. AFP