U.S. oil futures settled under $32 a barrel on Monday for the first time since December 2003, with concerns over risks for a slowdown in Chinese energy demand and expectations that Iran will soon add to the world’s glut of crude supplies helping to send prices lower for a sixth straight session.February West Texas Intermediate crude CLG6, -1.11% shed $1.75, or 5.3%, to settle at $31.41 a barrel on the New York Mercantile Exchange, following a drop of more than 10% last week. That was the lowest settlement since Dec. 5, 2003, according to FactSet data, tracking the most-active contracts.
February Brent crude, the global crude benchmark LCOG6, -1.11% lost $2, or 6%, to end at $31.55 a barrel on London’s ICE Futures exchange. Prices settled at their lowest level since April 6, 2004, according to FactSet.
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