The price of oil continued its downward trend today, dropping nearly 5 percent to just below $48 a barrel.
Goldman Sachs has consequently slashed its short-term price forecasts and Gulf producers have shown no signs of curtailing output.
Brent and U.S. crude are now at their lowest level since April 2009. Prices have fallen for seven weeks straight amidst a growing concern of global oversupply.
The February Brent contract was down $2.37 at $47.74 a barrel at 1506 GMT. U.S. crude oil for February was down $2.12 at $46.24 per barrel.