Oil fell to a seven-year low on Monday and close to the levels hit during the financial crisis amid increased expectations of a persistent oversupply in global crude.  The renewed pressure on the oil price comes amid widespread expectations that the US Federal Reserve will on Wednesday raise rates for the first time in nearly a decade.  Cheaper energy costs are a boon for consumers and the broader economy. However, the prolonged slide in oil is hurting highly indebted US shale drillers and the banks that lend to them, with much of the junk bond energy sector currently in distress.  “The year is ending on an uncomfortable note. The smell of fear is back in the air,” said David Hufton at London-based broker PVM.  Bond markets showed fresh signs of anxiety on Monday, with a further sell-off for corporate debt. Depressed energy prices are just one factor focusing investors’ attention on companies’ ability to support their debts once borrowing costs rise.  Brent crude dropped $1.60 to $36.33 a barrel on Monday, the lowest in seven years, edging closer to the December 2008 intraday low of $36.20 a barrel. If Brent falls below this, it will hit a level last seen in the middle of 2004.