Oil prices drop to 5-year low on oversupply

London

BRENT crude oil fell more than US$2 a barrel on Monday to a new five-year low on predictions that oversupply would keep building until next year after Opec (Organization of the Petroleum Exporting Countries) decided not to cut output.

Brent crude for January was down US$2.22 at US$66.85 a barrel by 1210 GMT, having fallen US$2.30 to US$66.77 - its lowest since October 2009. US crude was down US$1.60 at US$64.24 a barrel, after hitting a session low of US$64.14. The US contract, also known as West Texas Intermediate, touched US$63.72 last week, its lowest since July 2009.