Oil prices have dropped due to concerns over an increasing global oversupply and slowing demand.

Brent LCOc1 slipped 43 cents at $27.45 a barrel, while front-month West Texas Intermediate (WTI) crude futures CLc1 traded at $28.09 per barrel, down 26 cents, Reuters reported.

Investors are worried that a glut of crude is combining with weak demand due to economic weakness, especially in China where concerns are growing about demand contraction.

It has resulted in oil prices falling to their lowest levels since 2003 this week.

Oil producers worldwide are pumping one million to two million barrels of more crude every day than required, creating huge stockpiles.

Iran’s return to the oil market in January 2016 after the lifting of international sanctions has added to the supply glut.

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ABN Amro in Amsterdam senior energy economist Hans van Cleef told the news agency that weaker demand in the Middle East may add fuel to the sell-off.

Venezuela has requested the Organization of the Petroleum Exporting Countries (OPEC) hold an emergency meeting to discuss steps to increase oil prices.

Four other delegates from countries in the OPEC said that such a meeting may not take place.

OPEC Secretariat calculations revealed that the price of OPEC basket of 13 crudes stood at $22.48 a barrel on Wednesday, compared with $23.85 on Tuesday.