Brent crude has dropped to the lowest level in more than a decade, surpassing the lows hit at the depths of the financial crisis, as the market groans under the weight of over abundant supply.

在市场被过度供给压得喘不过气来之际，布伦特(Brent)基准原油已跌破金融危机最严重时期的低点，达到逾10年来的最低水平。

The international oil marker dipped to 2 per cent to $36.17 a barrel overnight, its lowest level since 2004 and below the $36.20 reached on Christmas Eve in 2008.

国际石油市场的油价连夜下跌2%，跌至每桶36.17美元。这是自2004年以来的最低水平，低于2008年圣诞节平安夜达到的每桶36.2美元水平。

West Texas Intermediate, the US oil benchmark, was down 1 per cent to $34.37, but still above its financial crisis low of $32.40 hit almost seven years ago.

美国石油基准指标西德克萨斯中质原油(WTI)则下跌1%至每桶34.37美元，不过这一价格仍高于其近七年前在金融危机时达到的每桶32.4美元的低点。

Oil prices have dropped more than 15 per cent since a rancorous Opec meeting earlier this month that exposed the organisation’s inability to tackle a global oil glut, which is growing by as much as 2m barrels a day, according to some estimates.

本月早些时候，欧佩克(Opec)曾召开一次充满敌意的会议，那次会议暴露出该组织已失去了应对全球石油过剩的能力——据部分人估计，全球石油供应过剩量正以每天2百万桶的速度扩大。自那次会议以来，油价已下跌逾15%。

Saudi Arabia and Iran both resisted calls for production restraint and vowed to keep pumping, intensifying a battle for market share that has contributed to record oil inventories and a halving of the oil price over the past 18 months.

沙特阿拉伯和伊朗都抵制了限产的呼吁，发誓要继续开采下去，从而令市场份额的争夺战愈发激烈。正是这轮争夺战，帮助催生了创纪录的石油库存，并导致油价在过去18个月里跌去一半。

Data released by the US Energy Information Administration last week showed crude stockpiles across the country increased by 4.8m barrels to 491m barrels.

美国能源情报署(Energy Information Administration, EIA)上周公布的数据显示，美国原油库存已增长480万桶，达到4.91亿桶。

“The unexpected surge in stocks is a worry considering inventories typically fall at this time of year,” said ANZ.

澳新银行表示：“考虑到每年这个时候库存通常会下跌，这次库存出乎意料的增加令人十分担忧。”

An increase in US interest rates and a strengthening dollar have heaped further pressure on oil. Last week’s deal to lift the tight restrictions on US crude oil exports, which have been in place for 40 years, has been another headwind.

美国加息和美元走强，也为油价带来了进一步压力。而对于已存在40年的美国对原油出口的严格限制，上周达成的取消该限制的协议，也不利于油价的回升。

“The imbalance in the global oil market has been diminishing in the second half of 2015, but the hope for a rebalancing in 2016 continues to suffer serious setbacks,” said Adam Longson, analyst at Morgan Stanley, listing several impediments to an oil price recovery.

摩根士丹利(Morgan Stanley)分析师亚当•朗森(Adam Longson)表示：“2015年下半年，全球石油市场的供需不平衡状况一直在减轻。不过，那种希望2016年供需再次平衡的愿望，仍在遭遇严重挫折。”与此同时，他还列出了油价复苏的几大障碍。

Higher Opec production, including additional barrels from Iran, is one of the main risks for next year, according to Mr Longson. Higher-than-expected US production is another. In spite of the weakening oil price the US oil rig count increased by 17 to 541 last week, putting an end to a month of declines.

根据朗森的说法，包括伊朗所增加产量在内的欧佩克增加产量，是明年石油市场的主要风险之一。而美国石油产量超过预期则是又一个风险。尽管油价疲软，上周美国石油钻塔的数目还是增加了17个，达到541个，结束了一个月的下跌势头。

“Demand growth is likely to slow from its torrid pace in 2015,” Mr Longson added.

朗森表示：“需求增长速度可能会比2015年的狂热增速有所放缓。”

An unusually mild start to the winter in the northern hemisphere partly because of the El Niño weather phenomenon is denting demand for products such as heating oil demand.

而北半球罕见的温和初冬（这部分是厄尔尼诺天气现象导致的），也抑制了对取暖用油等产品的需求。

Oil has fallen by almost 70 per cent since a June 2014 peak of $115 a barrel.

自2014年6月每桶115美元的峰值以来，油价已下跌近70%。

If Brent does not recover during Monday’s session the price will close below the financial crisis low of $36.61.

如果在周一的交易日期间布伦特基准原油的油价不反弹，油价将收于每桶36.61美元的金融危机低点以下。