Oil prices dropped almost to 11-year low on Monday

Oil prices declined for 4% on Monday, almost to their 11-year low, on growing fears that the global oil glut would worsen in the months to come in a pricing war between leading OPEC and non-OPEC producers, Reuters reports.

Brent crude fell by 4% to below $36.40 a barrel for the first time since December 2008 and the U.S. WTI sank almost 3% below $34.60 a barrel.

Brent traded only 14 cents above the lows last seen during the 2008 financial crisis of $36.20 a barrel.

If Brent falls below that level, that will be its lowest since mid-2004 – a year when oil was beginning its surge from the single digits it hit during the 1998 financial crisis and when talk of a commodity super-cycle was only beginning.

WTI’s financial crisis low was $32.40 in December 2008.