Investing.com - Oil fell to its lowest in more than 11 years on Wednesday, down around 2%, 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.
The furor over Saudi Arabia's execution of a Shi'ite cleric has depressed the market as it put an end to speculation that OPEC members could agree on production cuts to lift prices.
Global Brent crude benchmarks were at $35.10 a barrel at 11.44 GMT, their lowest since 2004.
U.S. crude futures fell to $35.05 per barrel, down more than 2% for the day.
Oil has slumped from above $115 in June 2014 as shale oil from the United States has flooded the market, while falling prices have prompted some producers to maximize output to prevent income falling too rapidly and keep market share.