The oil markets continued their bear run on Monday with Brent oil, the global benchmark, hitting intraday lows not seen since July 2004 , as an expanding global surplus due to high-paced production output sparked fears prices will fall further. Brent was trading down 1.22% at $36.44 a barrel on London’s ICE Futures Europe Exchange for cargoes loading in February. Earlier it touched $36.17 a barrel. Its U.S. counterpart, West Texas Intermediate, was also down 0.95% as it entered its final day of trading until the January contract rolls over into February. WTI was trading at $34.40 for January cargoes at 0900 GMT. The outlook remained bleak for oil producers as the massive oversupply and a strong dollar continued to batter the market. Exactly how low oil prices will continue to fall isn’t clear with some industry analysts such as U.S. bank Goldman Sachs GS -3.90 % insisting $20 […]