Oil Price Drops

Crude Oil fell 3% on Monday with Brent trading lower than U.S. crude prices. West Texas Intermediate futures fell $1.23 to $36.87. The oil price for Brent has reached the lowest price in 11 years, with continued worry about oversupply and news on weakening consumption by Japan. Oil sales in Japan fell to a 46 year low. Further declines are expected to be limited due to forecasts for colder weather in Europe and the U.S. through the 1st part of January.