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Oil Extends Crash Into New Year as Glut Fear Deepens

The selloff in global oil markets showed little signs of slowing in the new year, falling as much as 6 percent on Monday to their lowest since spring 2009, as fears of a supply glut that vexed the market for the past six months deepened. U.S crude crashed below $50 a barrel while benchmark Brent crude tumbled under $53 after data showed Russian oil output at post-Soviet era highs and Iraqi oil exports at near 35-year peaks. U.S. driller ConocoPhillips added to the bearish sentiment,...

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