(WASHINGTON EXAMINER) Oil prices fell to a five-year low Monday, but investors are expecting a rebound soon.
The Brent crude international index dropped $2 per barrel to hit $66.77. That’s the lowest level since October 2009.
The price declines reflect predictions of global oversupply. The Organization of Petroleum Exporting Countries has much to do with that, as the 12-member oil cartel at the insistence of top-producing Saudi Arabia decided not to cut production to buoy prices late last month.
