Brent oil slumps under $35 for first time since 2004

LONDON - Brent oil prices tumbled Wednesday below US$35 for the first time in 11.5 years, plagued by abundant oversupply and the ongoing row between key producers Iran and Saudi Arabia dimming prospects for production cuts.

The market also tanked on expectations that the US government will later report that rising stockpiles added to the global supply glut last week.

In addition, the stronger dollar dented prices because it makes oil more expensive for buyers using weaker currencies, thereby weighing on demand.

At 10.30 GMT, European benchmark Brent North Sea crude oil for February delivery sank to $34.83 per barrel -- the lowest since July 1, 2004 -- before ducking back above $35 .... http://www.bangkokpost.com