Brent crude oil has traded below $60 a barrel because of a supply glut, which has dragged down prices.
Reuters reported that Brent for February was down 50 cents at $59.51 a barrel and US crude dropped 80 cents to $55.13 a barrel.
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The oil price has declined approximately 50% since June but despite this, the OPEC has decided not to cut production.
Core Gulf OPEC members are reportedly prepared to wait as long as six months to a year to see if the market stabilises.
Major oil producers have given indications that they will maintain output regardless of a supply glut and weakening demand in Russia and Europe.
Russian Energy Minister Alexander Novak said Moscow will not cut output in 2015, even if pressure on its finances increases, with the economy showing signs of severe stress.
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By GlobalDataData from the American Petroleum Institute has revealed that crude inventories in the US increased by 1.9 million barrels last week.
Reuters reported that European shares opened trading lower, as the market reacted to concerns on a potential economic crisis in Russia.
Phillip Futures senior manager for commodities in Singapore Avtar Sandu was quoted by the news agency as saying: "The story is still the same. Europe is weak, China is weak and the US economy is growing by a bit. It’s a supply story."
