OREANDA-NEWS. The Ice February Brent futures contract slumped to its lowest intraday level in more than 11 years during early trading today.

The contract fell to $34.62/bl, its lowest intraday trade since 1 July 2004. Nymex February West Texas Intermediate was also lower, although only at its lowest intraday level since 21 December.

The Ice Brent February contract is unusually short as it moves to a month-ahead expiry schedule. But prices have also fallen this week on a barrage of data suggesting a weakening Chinese economy and as tensions between Saudi Arabia and Iran make a controlled reduction in global crude supplies unlikely.