Global crude oil prices fell to the lowest level in more than 11 years, today, falling around 2 percent, as the row between Saudi Arabia and Iran was seen extinguishing any chance of major producers cooperating to cut production in the face of mounting global over supply. Brent crude oil futures lost 67 cents, to 35.75 dollars a barrel–the lowest since 2004. U.S. crude was down 46 cents, at 35.51 dollars per barrel. Oil has slumped from above 115 dollars a barrel in June 2014, as shale oil from the US has flooded the market. Also, falling prices have prompted some producers to maximize output to prevent income falling too rapidly and to keep market share.