Roman Piekarski adjusts the hands on one of the clocks at Cuckoo Land, his cuckoo clock museum, near Knutsford in northern England, March 27, 2009. The museum has started the two-day task of turning its 600 clocks forward by one hour in preparation for the arrival of British Summer Time this weekend.REUTERS/Phil NobleTurning back the clock to 2004.
Oil still hasn't found the bottom.
Brent crude broke through the symbolic seven-year-low mark of $36.20 (£24.29) to hit an 11-year low of $35.16 (£23.59) on Monday morning in London.
After pulling back in morning trade, it is diving again in afternoon trade in London to post fresh record lows.
Here's how the two key measures of oil price looked at 2:15 p.m. GMT (9:15 a.m. ET):
  • Brent: down $0.79 (£0.53), or 2.13%, at $36.09 (£24.23);
  • West Texas Intermediate: down $0.51 (£0.34), or 1.41%, at $35.55 (£23.86).
Prices keep falling because of one simple reason — the market is saturated with oil. OPEC is pumping out cheap oil in a bid to strangle the US' nascent shale-oil boom by making production prohibitively expensive for many operators.
But, as CLSA's Christopher Wood pointed out in a note over the weekend, the efforts have so far had relatively little effect. US crude production has fallen by just 4.5% since its peak in June, even while oil prices have fallen by over 40%.
CLSA is predicting we'll get to $20 (£13.40) oil. We certainly don't seem to have found the bottom yet.Brent_Oil_Price_ _Investing_com_UKInvesting.com

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