Brent oil falls under USD 40 for first time since 2009

Benchmark oil contract Brent North Sea crude dropped under USD 40 a barrel today for the first time in almost seven years amid a general collapse in commodity prices.

Brent North Sea crude for delivery in January slid as low as USD 39.81 a barrel -- the lowest point since February 2009 -- on a global oil supply glut, weak demand growth and a strong dollar.