The price of Brent crude declined below $52 a barrel today as excess global supply worries continue to grow.
Reuters reported that Brent crude fell as low as $51.23 a barrel, while US crude declined to $48.47 a barrel.
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Saudi Arabia increased its selling price of oil to Asia but cut it to Europe.
Producers indicated no signs of reducing production despite growing supplies.
SEB chief commodity analyst in Oslo Bjarne Schieldrop was quoted by the news agency as saying: "Saudi Arabia is showing no signs of pulling back.
"Stocks are continuing to build and there is an increase in contango."
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By GlobalDataThe faltering eurozone economy has been hit by the political uncertainty in Greece, thereby raising questions about the energy demand in Europe.
Several analysts indicated that worries about the Greek economy, high oil production from Russia, Iraq and the US, and a stronger dollar are affecting oil prices.
A preliminary survey by Reuters has revealed that US commercial crude oil and product stockpiles were projected to have increased in the week ending 2 January 2015, which could weigh further on prices.
