Dec. 21, 2015 02:45 PM

Reuters reported Monday that Brent crude oil prices hit their lowest point in more than 11 years, while U.S. crude flirted with seven-year lows on additional signs that swelling global supply will outpace tepid demand again next year.

Global oil production is running close to record highs and, with more barrels poised to enter the market from nations such as Iran and Libya, the price of crude is set for its largest monthly percentage decline in seven years.

Brent’s premium over U.S. crude narrowed further, Reuters noted, as the market braced for the end of a 40-year ban on U.S. crude exports.

Reuters said U.S. crude futures fell 53 cents at $34.20 by 10:14 a.m. Central Time after bouncing off an intraday low of $33.98.

Brent futures were down 61 cents at $36.27, falling as much as 2 percent during the session to a low of $36.04 a barrel, its weakest since July 2004.

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