The price of Brent crude dropped below $84 a barrel today after Saudi Arabia cut oil prices for US customers.
Brent crude declined $1.25 at $83.53 a barrel, while US light crude dropped $1.15 to settle at $77.63 a barrel, Reuters reported.
Saudi Arabia has increased its December oil sales prices to Asia and Europe, despite lowering prices for US customers.
The Organization of the Petroleum Exporting Countries (OPEC) is due to meet later this month in Vienna, Austria to discuss its oil production targets for 2015.
OPEC members Venezuela and Ecuador are jointly working on a proposal to support higher oil prices, but the UAE oil minister said the group is not panicking.
Last week, OPEC secretary general Abdullah al-Badri said the group’s output was unlikely to change in 2015.
Libya is supporting a cut in production, while several OPEC members, including Iran, Kuwait and Saudi Arabia, have all played down talks of any reduction in oil output.
Meanwhile, the US is being pressured into lifting a 40-year ban on crude exports.
Reuters said a stronger dollar has also weighed on oil prices, making the commodity more expensive for buyers using other currencies.