Crude Falls as Spanish Bonds Drop; Azerbaijan Lets Manat Devalue - Bloomberg Business:
"Brent crude tumbled to the lowest level in 11 years amid speculation a global supply glut will persist. Spanish bonds dropped after an indecisive election as Azerbaijan’s currency plunged, while European shares fluctuated with Asian stocks.
Oil futures in London slid to the weakest intraday level since July 2004 as suppliers from the Middle East to the U.S. continue to fight for market share. Spain’s government bonds fell for the first time in four days while Azerbaijan moved to a floating exchange rate, the latest crude producer to abandon a currency peg. Chinese shares gained while Japan’s Topix gauge slid. U.S. natural gas extended its rebound from a 16-year low.
Oil has fallen below levels last seen during the 2008 global financial crisis after OPEC effectively abandoned output limits at a Dec. 4 meeting and the U.S. passed legislation to lift a 40-year ban on crude exports. While the Federal Reserve’s rate increase removed a measure of uncertainty on financial markets, investors are still concerned that global growth remains vulnerable. In Spain, Prime Minister Mariano Rajoy is left with limited options to forge a governing majority, threatening a period of instability.
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