The price of Brent crude declined below $98 a barrel today due to weak demand and strong supplies.
Chances of a reduction in oil production by the Organization of the Petroleum Exporting Countries (OPEC) could not deter the price fall.
Reuters reported that November Brent traded 67 cents lower at $97.72 a barrel while US crude futures for October declined 50 cents to $91.91 a barrel.
Most of the OPEC members, which want oil prices to trade above $100 in order to meet budgetary needs, are due to review the organisation’s oil production policy at the next meeting on 27 November.
Meanwhile, a spokesman for the Libyan state-run National Oil Corp (NOC) was quoted by the news agency as saying oil production in the country has declined to 700,000 barrels per day (bpd), down approximately 20% from 870,000 bpd a week ago.
The country’s biggest oilfield, El Sharara, and the Zawiya refinery are still closed, while violence has intensified in southern-Libya as soldiers and police clashed in the last few days near El Sharara, Reuters said.
The field was closed last week due to damage to a storage facility at the Zawiya refinery.