Mubasher: OPEC basket has dropped 17.9% from $50.07 a barrel in early 2015 to $32.10 on 18 December.
The basket reached $45.29 a barrel at the end of third quarter, and then fell to $45.02 and $45.05 in October and November, respectively.
In December, OPEC basket steeply declined to $38.49 a barrel, and continued falling to $35.83 on 11 December. In addition, the basket plunged to $31.10 a barrel at the end of last week, its lowest in nearly 11 years.
Investors and analysts are confused about the 15% oil price fall since OPEC meeting on 4 December especially as the meeting decided not to raise the output.
The International Energy Agency expected the global oversupply to continue until the end of next year at least, amid slowing demand and OPEC determination to raise output.
