Brent Oil Hits 11-Year Low As Global Supply Balloons

While consumers have enjoyed lower fuel prices, the world's richest oil exporters have been forced to revalue their currencies, sell off assets and even issue debt for the first time in years as they struggle to repair their finances.

The Organization of Petroleum Exporting Countries, led by Saudi Arabia, shows no signs of wavering from its year-old policy of compensating for lower prices with higher production, even though its poorer members are suffering.

Oil market liquidity usually evaporates ahead of the holiday period, meaning that intra-day price moves can become exaggerated. The expiration of the front-month WTI contract on Monday may further exacerbate such activity.

(Additional reporting by Amanda Cooper in LONDON, Henning Gloystein in SINGAPORE; Editing by Peter Millership, David Gregorio and Lisa Von Ahn)

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