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Oil Drops to 5-Year Low on Oversupply Forecasts

Brent crude oil fell almost $2 a barrel on Monday to a new five-year low on predictions that oversupply would keep building until next year after OPEC decided not to cut output. “Without OPEC intervention, markets risk becoming unbalanced, with peak oversupply likely in the second quarter of 2015,” Morgan Stanley analyst Adam Longson said. In a report dated Dec. 5, the U.S. investment bank said oil prices could fall as low as $43 a barrel next year. The bank cut its average 2015 Brent...

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