Oil Futures Log Lowest Settlement Since December 2003

By Markets MarketWatch Pulse

Oil futures fell on Monday, with prices settling under $32 a barrel for the first time in more than 12 years. Concerns over the world's glut of crude supplies, risks of a slowdown in energy demand from China and expectations that Iran will soon add a significant amount of oil to the global market combined to send prices lower for a sixth straight session. February crude fell $1.75, or 5.3%, to settle at $31.41 a barrel on the New York Mercantile Exchange. WTI prices settled at their lowest level for a most-active contract since Dec. 5, 2003, according to FactSet.

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