Oil analyst Torbjorn Kjus in DNB Markets told the TDN Finans Monday that sentiment was weak and that he thought Brent to test levels of $ 40 century before it could begin to rise again.
Monday evening fell Light oil at most 4.3 percent to $ 45.11 according to CME Group.
Brent fell on mostly more than $ 2.69, equivalent to 5.2 percent , to $ 49.52.
Oil prices have fallen with it over 22 percent since the end of June.
The fall in oil prices has also affected the Norwegian krone, which weakens to 8.23 against the dollar and 9.02 against the euro.
The ruble has also been reviewing the last month.
Lower than Friday
For comparison, a barrel of North Sea oil traded at $ 52.97 a barrel at the close of trading Friday. This year’s lowest share price was set on January 13, when the Brent oil was traded for $ 46.59 a barrel.
Friday showed figures that American oil producers put even more rigs at work in the last week, it led to Brent and WTI same day stopped at the lowest levels since respectively 29 January and 20 March, reports The Wall Street Journal and TDN Finans.
– This is just another thing that reinforces the pessimistic market sentiment, said analysis director of Mobius Risk Group in Houston, John Saucer, told the newspaper.
He thinks prices will test the lows for the year, and that the production “has overwhelmed the market, although demand is rising”.
500,000 additional barrels
Bloomberg News writes according to TDN Finans that messages from the Iranian state news agency Irna, that the country can increase its production by 500,000 barrels per day already one week after the sanctions lifted , contributing to the fall in prices Monday.
– If Iran is able to increase production in such a pace, the oil prices fall further, because this will reinforce the existing supply surplus. Weaker economic data in China and the US will weaken demand, said commodity analyst at Samsung Futures, Hong Sung Ki, to the news agency.
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