Oil prices have fallen close to 11-year lows on 14 December amid concerns that oversupply will continue over the coming months.

Both Brent and US crude prices have dropped for seven straight sessions since the Opec meeting on 4 December when oil-exporting countries led by Saudi Arabia indicated production would continue above the previous 30 million barrels a day (b/d) quota.

Brent crude fell below $37 a barrel for the first time since December 2008, while West Texas Intermediate (WTI) sank below $35 a barrel.

During the financial crisis in late 2008 Brent sank to a low of $36.20 and WTI troughed at $32.40.