The price of Brent crude oil, the international benchmark, slumped to the lows of $46.85 per barrel for the first time since November 30, market indices showed Friday, APA reports quoting Sputnik.
West Texas Intermediate (WTI), the standard for US oil, sank to $44.77 per barrel amid rising US production, the lowest since November 29.
Oil output in the United States rose by 0.3 percent in a week, or by 28,000 barrels a day to 9.29 million barrels a day, data released by the US Department of Energy showed.
Last November, OPEC oil producers agreed to reduce oil output by 1.2 million barrels per day for the first six months of 2017, with a daily cartel-wide cap standing at 32.5 million barrels. In turn, non-OPEC producers agreed to slash their output by 558,000 barrels a day.
The deal expires in June. The signatories are expected to meet later this month to discuss whether the agreement, which seeks to shore up oil prices, should be extended for another six months.