U.S. Stocks Open Higher as Brent Crude Falls to 11 Year Low

U.S. stocks opened higher despite, Brent crude oil prices fell to the lowest level in 11 years. Prices keep falling because of one simple reason — the market is saturated with oil. OPEC is pumping out cheap oil in a big to strangle the US' shale-oil boom by making production prohibitively expensive for many operators. Meanwhile, gas prices are falling in tandem. The U.S. average hit $1.998 a gallon on Monday morning, down from exactly $2.00 on Sunday, according to AAA. Gasoline hasn't been this cheap since 2009. The $2 price is a milestone, but cheap gas was already available in most of the country. More than two-thirds of gas stations nationwide are selling gas for less than $2 a gallon, according to the Oil Price Information Service, which tracks prices for AAA. Low gas prices have saved the average driver about $540 this year, according to the Chief Economist of the Oil Price Information Service.