Crude oil prices continue to weaken significantly, falling 2.9 percent and reaching $34.53 a barrel on Monday morning in New York. The drop in price, unseen since 2009, is seen as an effect of a feared global supply glut after the International Energy Agency said last Friday that the global market will have an oversupply of oil well into 2016, according to Bloomberg Business.

Apart from the unencouraging forecast of the International Energy Agency, the Organization of Petroleum Exporting Countries (OPEC) has stated that despite a diminishing demand for the commodity, oil production would be kept at a record high, reports The Street.

Meanwhile, U.S. Senate negotiators are also allegedly nearing a deal that would allow unfettered crude oil exports for the first time in 40 years. Democrats, however, have voiced their reservations, demanding renewable-energy tax credits in return.

Despite the currently grim outlook of the oil industry, Braclays oil analysts have stated that fundamentals have "not deteriorated markedly," even if there's clearly some negative sentiment in the market following recent price actions, according to FOX Business.

"The post-OPEC price decline is less a function of deteriorating long-term fundamentals and more a function of short-term sentiment, momentum, and weather, in our view," the analysts said.

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