Crude prices came under renewed pressure on Monday, and Brent hit five-year lows of nearly $60 a barrel after producer group OPEC said it would stick to its decision not to cut output despite fears of a world awash in oil.
Brent and US oil initially extended last week’s rout, which wiped more than 10 per cent off global crude prices. They were up in New York’s Monday morning trade.
But oil later gave up its gains, with Brent turning negative and US crude down almost $2 a barrel by noon in New York.
Brent was down 80 cents at $61.05 a barrel at 1700 GMT. It had risen as much as $1.40 earlier to $63.25 after a session low at $60.28, a bottom since July 2009.