The Brent price first dropped below $60, then to $58.50 a barrel, before recovering slightly to $59.01. Oil prices have now nearly halved since June as a result of waning demand and increased supplies.
Members of oil cartel Opec have also reiterated that they would not try to shore up plunging oil prices by reducing production.
While lower oil prices could provide a boost to many economies through cheaper fuel, the sharp drop in the cost of crude is affecting many oil producers.
Russia being one of the country’s worst hit, as the rouble is currently in freefall despite dramatic efforts by the Russian Central Bank to stabilise the economy in the wake of falling oil prices and Western sanctions.
Most experts believe prices will remain low for the foreseeable future.
History of Brent Oil Pricing
Brent crude oil decreased to 62.08 USD/BBL in December from 71.95 USD/BBL in November of 2014. The Brent crude oil averaged 41.80 from 1982 until 2014, ...