Oil crashes to new lows in Asian trade

Photo: Getty Images

Crude oil, after falling to a fresh 12-year low on Friday, has continued to slide in early Asian trade on Monday.

At one point earlier in the session front-month Brent crude futures – the global benchmark – tumbled as low as $27.67 a barrel before bouncing in recent trade. Here’s the chart, via investing.com:

Front-month WTI futures have followed a similar pattern, falling to as low as $28.36 a barrel before bouncing over the past hour of trade.

Although the drop coincides with sanctions over Iran being lifted over the weekend, paving the way for crude exports from the nation to resume, this was all but expected by the markets.

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