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Oil resumed its decline after U.S. industry data showed crude stockpiles increased, exacerbating a global glut.

Oil rose from the lowest close in more than 12 years in New York as volatility climbed amid speculation that prices have fallen too fast.

A rapid appreciation of the U.S. dollar may send Brent oil to as low as $20 a barrel, according to Morgan Stanley.

Oil traded near a 12-year low Jan. 8 as investors focused on volatility in Chinese markets after the country sought to quell losses in equities and stabilize its currency.

Oil prices dropped over 2% toward its 11-year low Jan. 5 as traders shrugged off growing tension between two of the world's biggest oil producers and focused on a stronger U.S. dollar and swelling U.S. crude inventories.

Oil fell below $35 a barrel in New York for the first time since 2009 as Iran reiterated its pledge to boost crude exports, bolstering speculation OPEC members will exacerbate the global oversupply.

Brent crude fell below $40 a barrel for the first time in almost seven years after OPEC effectively abandoned limits on crude output, prompting speculation that a record global glut will continue.

Depressed oil prices are likely to linger longer as analysts dropped their predictions further for next year, according to a Reuters poll, assuming OPEC will not cut output when it meets Dec. 4.

A plunge in oil prices this year has prompted a $35 million cut to the budget for Alaska’s Department of Transportation, making the state’s truckers nervous.