Oil settles at $36.76 a barrel and slides to near seven-year ( 2009)

Crude oil prices closed lower yesterday and slides to near seven-year .Traders Fear of oversupply and expectations observed beyond a drop in U.S. crude stockpiles.

And it landed futures for Brent more than 11% this month and fell below $ 40 a barrel, reviving expectations that test the lowest level for the year 2008 of about $ 36.

After the opening of US markets, Brent futures fell 20 cents to $ 40.03 a barrel, after the lowest level recorded at $ 39.68 a barrel.

According to the US Energy Information Administration crude inventories fell 3.6 million barrels in the week ending on the fourth of December, while analysts expected increase 252 thousand barrels.