Brent oil fell to under $50 a barrel after the international Monetary Fund cut its forecast for global economic growth.
The IMF appraisal indicates less demand for fuel.
Oil prices have dropped by more than half since June as output soared while demand and consumption has slowed.
Saudi Arabia, Iran and other members of the Organization of the Petroleum Exporting Countries have said they are leaving the oil market to find its own level and hope lower fuel prices will stimulate more demand in the future.
OPEC believes that lower prices will stimulate need the IMF disagrees.
To add to the scenario China has posted its lowest growth figures for 24 years further depressing oil prices.
China’s implied oil demand grew 3 percent in 2014, consuming roughly 10.06 million barrels per day of oil last year.