An oil pump jack can be seen in Cisco, Texas, in this August 23, 2015 photo. REUTERS/Mike Stone
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Brent crude oil prices hit their lowest in more than 11 years Monday, while U.S. crude flirted with seven-year lows on more signs that swelling global supply looked set to 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 as the market braced for the end of a 40-year ban on U.S. crude exports. Oil market liquidity usually evaporates ahead of the holiday period, meaning that intraday price moves can become exaggerated.
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