The price of crude oil has dropped to its lowest in over five years.
Brent price, which is used as a global benchmark, now stands at around $50 a barrel. The price of a barrel has dropped 50% since June.
There is also growing evidence that OPEC will not resort to curtail output in an attempt to reduce a worldwide supply surplus.
Brent sank back by as much as 4%, while West Texas Intermediate fell 3.3%. As stated by the United Arab Emirates’ ambassador to the United States Yousef Al Otaiba, the nation currently has no plans to reduce its output, regardless of how low prices drop.
And representatives from other oil-rich states like Saudi Arabia, Kuwait, and the UAE have stressed that OPEC will not curtail output.