North Sea oil fell by $ 2.79 to $ 49.86 a barrel, while US light crude oil fell by $ 2.53 to $ 47.10 per barrel, according to NTB.
Monday opened with a slight increase after the OPEC report announced cuts in oil production in non-OPEC countries.
But pretty soon the trend reversed and prices has sharply dropped. The analysts believe that the large excess of oil on the market will persist. OPEC production continues to be far higher than demand and increased, according to OPEC’s own figures.