Oil Prices Fall to New 12-year Lows

Global oil prices plummeted to 12-year lows on Monday, with U.S. crude futures falling to the lowest since late 2003, as traders cited fears over slowing demand in China and a growing inventory glut.

 

The move was exacerbated by U.S. stocks turning negative late morning, with the S&P 500 down nearly 0.4 percent and Nasdaq down 0.6 percent.

 

Volumes for U.S. crude and Brent crude futures jumped to the highest in the morning at 10:57 a.m. (1557 GMT), which appeared to cap losses momentarily before falling further.


(Reporting By Catherine Ngai)