25 January 2016, 08:14 GMT
MOSCOW (Sputnik) – As of 08:23 GMT, the price for March futures on Brent oil dropped 2.99 percent, trading at $31.89 per barrel. March WTI futures also dropped 2.53 percent, trading at $31.37 per barrel.
The oversupply of oil reserves and stable demand over the past two years has driven global prices to lows not seen since the 2007-2008 financial crisis.
Market prices for benchmark Brent and WTI crude dropped to a 12-year low in mid-January, sliding below the historic level of $30 a barrel.
Iranian oil exports are expected to add 600,000 barrels a day to the market by mid-year, offsetting a decline in crude output in countries outside the OPEC cartel.
