Oil prices ducked below the $35 dollar mark in the second week of December.
There was a bit of a rally, as the market price then went up 3% from that minimum. The 11 year low is just another reminder of the cslide in oil prices that analysts predict could go as low as $20 a barrel.
Oversupply is the cause, with Saudi oil wells producing more than is needed in an effort to squeeze other oil production to the limit of profitability.
