(EnergyAsia, November 14 2014, Friday) — The oil markets continued crashing late into Thursday in the New York with North Sea Brent settling well below support at US$80 a barrel while US WTI broke through US$75.

Brent settled at US$77.83, down US$2.46 from the previous day, while WTI was hovering at around US$74.42 in late New York trade after touching a new intra-day low of US$74.07 as crude prices hit a new 50-month low.

A building supply glut, weak demand growth and the unwillingness of the world’s leading producers to slash output are likely to continue to weigh negatively on the oil markets. Goldman Sachs and Barclays Bank believe WTI could drop as low US$70 in the coming months.