December was the sixth consecutive month in which monthly average Brent prices decreased, falling $17/barrel (bbl) from November to a monthly average of $62/bbl, the lowest since May 2009. The December price decline reflects continued growth in U.S. tight oil production, strong global supply, and weakening outlooks for the global economy and oil demand growth.

Crude oil markets continue to search for a bottom as prices declined again in December and the first week of January. The North Sea Brent front month futures price settled at $50.96/bbl on January 8, a decline of $21.58/bbl from December 1

Saudi Arabia and OPEC would find it “difficult, if not impossible” to give up market share by cutting crude production, the country’s oil minister said.

Crude prices surged from the lowest closing levels since May 2009 as comments from Saudi Arabia’s oil minister yesterday added to the most volatile market in three years.

Brent and West Texas Intermediate crudes fell to the lowest level in more than four years after OPEC failed to cut its output in response to a glut.

According to a review of financial statements released in recent weeks and despite lower crude oil prices, companies drilling in North American tight oil formations recorded improved financial results in third-quarter 2014 as compared with third-quarter 2013

Crude Rises as China Rate Cut Spurs Optimism About Demand

North Sea Brent crude oil spot prices averaged $87/bbl in October, a decrease of $10/bbl from September and the first month Brent crude oil prices have averaged below $90/bbl since November 2010.

OPEC Diplomacy Picks Up With Iraq-to-Libya Chiefs

West Texas Intermediate and Brent oils increased after U.S. employment gains exceeded 200,000 for a ninth month and the jobless rate dropped to a six-year low, bolstering the fuel demand outlook.