Oil Hits Lowest Point Since 2004

Global oil markets continued to fall Monday, hitting their lowest point since July 2004. Fears that prices will fall further were sparked by a large worldwide production output and an expanding surplus, The Wall Street Journal reported. Brent crude fell more than 1 percent to $36.44 a barrel on London’s ICE Futures Europe Exchange for February futures. Industry analysts say $20 oil is possible in 2016. Separately, the average U.S. price at the pump fell below $2 for the first time in six years, hitting $1.99 per gallon, according to Bloomberg.