Investing.com - Oil prices resumed their slide on Tuesday, with U.S. crude falling below $37 per barrel for the first time since early 2009, amid fears the world was running out of capacity to store crude as a global glut intensifies.
The global oversupply is being compounded by OPEC's failure last week to agree a production ceiling, with members Iran and Iraq promising to ramp up output and exports next year.
U.S. crude was trading at $37.04 a barrel at 9.33 A.M. Eastern Time, after earlier falling to $36.79, a level not seen since February 2009.
Internationally traded Brent futures were trading at $40.21 a barrel.
Brent and U.S. crude both fell more than 6% on Monday, and on Tuesday they hit fresh lows last seen during the credit crunch of 2008-2009.