Brent crude prices have fallen due to an increase in supply worldwide.
Brent futures dropped by 2% to as low as $36.05 per barrel, while the US West Texas Intermediate (WTI) futures declined 33 cents to $34.40 a barrel, Reuters reported.
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Crude price is set to come under further pressures as new barrels are expected to enter the market from Iran, the US and Libya.
In 2014, oil prices halved reducing the finances of oil producers such as Nigeria or Venezuela and even Gulf Arab states.
Last week, Saudi Arabia, Kuwait and Bahrain increased interest rates to protect their currencies.
US President Barack Obama has signed a legislation passed by Congress to lift 40-year crude export from the country.
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By GlobalDataInitially, the crude oil export ban was imposed in 1975 when the country was reeling from the 1973-74 Arab oil embargo that led to an increase in gasoline prices.
Following this decision, oil supply from the country will make its way to global markets in the coming years.
Russia currently produces over ten million barrels per day (bpd), while OPEC output is close to above 31.5 million bpd.
Once the internal sanctions are lifted, Iran plans to restart shipments in 2016 adding to global supply.
