Today the price of Brent Crude oil fell more than a dollar to $49.92 a barrel in early trading before edging back above the $50 mark.
The price of West Texas Intermediate (WTI), oil traded in the United States, has already plunged below $50.
The oil price has now fallen by more than half since June.
Lately, hampering global growth and increased supply of oil and gas have pushed prices sharply lower. Some analysts expect the price of oil to fall further as North American shale producers continue to supply increasing quantities of oil and gas, and the oil-producing group OPEC resists calls for cuts in production to support prices, according to BBC.
"With no sign that OPEC will do anything about over-production, it seems likely that we could well see further declines towards $40 in the coming weeks," said CMC Markets analyst Michael Hewson.
Despite the fact that many consumers and businesses welcome a decline in the cost of fuel, oil producing countries including Venezuela and Saudi Arabia have been pressured as the price of their main export falls.
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