Crude oil futures have hit their lowest prices since late 1986, and traders fear they could weaken further due to a relentless supply glut and OPEC's failure to restrain output.

On the New York Mercantile Exchange, an important barometer of price trends, the August delivery price for West Texas Intermediate crude settled at $14.78 a barrel Monday, down from $15.46 Friday. It was the lowest closing price for the near-month crude contract since a $14.71 close on Nov. 3, 1986. The decline erased gains made last week, which were based on fears of supply disruptions caused by the explosion that destroyed an oil rig platform in the North Sea.