Brent crude sank to US$36 a barrel, its weakest since July 2004, before recovering slightly to US$36.56, as per bbcnews.co.uk. US crude dipped to US$34.17 a barrel - the lowest since 2009. A global oversupply has tanked the price of oil, with suppliers failing to reach agreements to address the glut. Merely 18 months ago, in June 2014, the price of oil was traded at US$115 per barrel.
As an increasing amount of US and Russian oil is expected to reach the markets-there is little sign that the downward trend will change. Also, more barrels are poised to enter the market from Iran and Libya.
22-Dec-15 
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