Investing.com - Crude oil priced dropped in Asia on Monday with the demand outlook continuing to weigh on the commodity.
On the New York Mercantile Exchange, crude oil for delivery in February fell 0.70% to $52.32 a barrel. Last week, it hit a daily low of $52.03, the weakest level since May 2009.
Also last week, investors piled on to their short positions in anticipation of lower prices in the new year amid concerns over a growing supply glut.
On the ICE Futures Exchange in London, Brent for February delivery hit a session low of $55.48 a barrel, a level not seen since April 2009, before settling at $56.42, down 91 cents, or 1.59%.
London-traded Brent prices lost nearly 48% in 2014, while WTI futures dropped almost 46% after the Organization of Petroleum Exporting Countries decided to maintain its output target at 30 million barrels a day.
The decision disappointed hopes the oil cartel would lower production to support the market, as a surplus develops amid the shale boom in the U.S., which is pumping at the fastest pace in more than 30 years.
In the week ahead, investors will be turning their attention to Friday's U.S. nonfarm payrolls report for further indications on the strength of the recovery in the labor market. Wednesday's Federal Reserve meeting minutes will be also closely watched.
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