Oil prices declined more than 1% today after touching their lowest in nearly six years.

Reuters reported that February Brent crude dropped 79 cents to $45.80 a barrel, while West Texas Intermediate (WTI) crude for February was at $45.34, down 55 cents.

The World Bank has lowered global growth forecasts for 2015 and 2016.

"Some of the world’s largest oil traders outside the US have booked supertankers to store approximately 25 million barrels of oil at sea."

On Tuesday, the Brent crude international benchmark briefly traded on par with US prices for the first time in three months, enabling some traders to take advantage of abundant US storage space.

Analysts expect prices to stay under pressure as ample supplies affect both WTI and Brent, with some traders starting to book ships for oil storage.

Some of the world’s largest oil traders outside the US have booked supertankers to store approximately 25 million barrels of oil at sea.

Nomura bank predicts Brent oil to average $45 per barrel in the first quarter of this year.

US-based PIRA Energy Group said oil storage trends also imply further price falls, with US stocks probably approaching 80% of capacity in a few months time.

According to industry group American Petroleum Institute, commercial crude stockpiles in the US increased 3.9 million barrels last week.

The Energy Information Administration is due to unveil its oil inventory report later today.