Volatile trading in oil has prompted calls for an emergency meeting of the Organisation of the Petroleum Exporting Countries.
Benchmark Brent crude slipped to 30 dollars a barrel to a near 12 year low before recovering to 31.26 per barrel – a 1 percent fall
US benchmark contract, West Texas Intermediate, was down 1.6 percent at 30.91 dollars per barrel. Oil prices have already fallen 20 percent since the start of the year.
Continuing oversupply, the strong dollar and weak global demand have played their part in dragging down the price.
OPEC last met in December and speaking on the sidelines of a conference in Abu Dhabi UAE Energy Minister Suhail bin Mohammed al-Mazroui said the current strategy was working and time was needed to allow it to happen -perhaps one to one and half years.