Analysis Oil prices hit their lowest level since summer 2004 this week, continuing the rapid tumble that began in June 2014 . The global benchmark, Brent crude oil, closed trading Jan. 8 at $33.37 per barrel, closing out the lowest week of prices in more than a decade. A number of factors contributed to the drop. The Chinese economy and financial markets performed poorly this week, sparking fears that a slowdown will dampen demand . In the major markets of Europe and North America, a mild winter has lowered seasonal consumption of natural gas and heating oil. On the supply side, Iranian oil will soon be back on the global market , and OPEC signaled that it would continue to supply high volumes of oil . The United States, too, has managed to […]