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.

While 2015 will go down as the worst year for crude train disasters, it also is shaping up to be the year crude-by-rail hit the brakes.

Oil climbed from a two-week low amid speculation that the buildup of U.S. crude inventories will soon end as refinery demand increases.

Oil slipped, capping the lowest quarterly average price since the start of 2009 as U.S. crude inventories climbed.

Crude oil dropped to the lowest level in more than five years Dec. 18 on concern a supply glut will worsen.

U.S. railroads are rallying customers, including lumber and steel companies, to fight a government proposal to slow trains hauling crude oil.

West Texas Intermediate oil fell below $90 for the first time in 17 months amid signs that supplies from Russia, Saudi Arabia and the U.S. are outstripping demand.

Proposed federal rules to make hauling crude oil by rail safer and avoid fiery wrecks would drive up costs and put the U.S. energy revival at risk, the head of an oil industry trade group said.

Oil traders would be limited in the number of positions they can hold under a proposed rule approved Nov. 5 by the Commodity Futures Trading Commission.