Crude oil prices continued to spiral lower Monday in quiet dealing, with many traders away from their desks on the Martin Luther King holiday.
WTI crude oil was down 48 cents, ot 1.63 percent, to $28.94, having touched a 12-year low of $28.36 earlier in the day.
A number of headwinds have caused oil prices to collapse in recent months, including Chinese economic weakness, a global oil supply glut and stronger US dollar.
In the meantime, Iran is set to significantly raise its oil output now that sanctions have been lifted.
Iran’s oil ministry issued an order to increase production by 500,000 barrels a day
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