Several international banks predicted even lower prices later this year because of an oversupplied global crude market. On the Monday session US crude oil prices hit 34.67 US dollars per barrel, which is the lowest level since February 2009.
Meanwhile, in the London market, Brent crude oil also fell to 37.86 US dollars per barrel. The falling occurred after Iran announced its intention to increase its oil output to 500,000 barrel per day next month. The Organisation of Petroleum Exporting Countries will not decrease its output. The US Goldman Sachs group predicts oil prices could fall to 20 US dollars per barrel.
