Oil prices continue slide and analysts say bottom not yet in sight

New York

THE continuing collapse in commodity prices pushed oil futures still lower on Monday, and analysts predicted that the slide was far from over.

Oil prices fell to their lowest level in 12 years; futures of West Texas intermediate crude for February delivery settling at US$31.41 a barrel, down 5.3 per cent. Oil futures, which lost 30 per cent last year, have declined every day of 2016. Brent oil, the main international benchmark, lost 6.5 per cent and closed at US$31.55 a barrel.

Last year a broad reassessment occurred in commodities, as the global economy slowed and demand from emerging markets like China, India and Brazil waned. The slump in oil prices picked up momentum on renewed concerns about the health of China's economy, which led to a rout in glob…