On Friday, Brent crude fell below the $60 per barrel benchmark to hit $58.92 for the first time in 2018, following fears of oversupply across the global oil market.
Oil prices climbed as high as $85 a barrel only in October 2018, shedding more than 30 percent within the past 30 days.
On Friday alone, crude prices have fallen by at least six percent, with Brent crude losing nearly $4 through the day.
Donald Trump, president of the United states, had repeatedly expressed his interest in low oil prices, calling on the Organisation of Petroleum Exporting Countries (OPEC) to increase supply to cut prices.
Under Trump’s leadership, the US became the largest producer of crude oil, producing as much as 11 million barrels per day.
“Oil prices getting lower. Great! Like a big Tax Cut for America and the World. Enjoy! $54, was just $82. Thank you to Saudi Arabia, but let’s go lower,” Donald Trump tweeted on Wednesday.
OPEC, via a mail to TheCable, said the basket price for crude oil as at Thursday, stood at $62.08, down from $62.33 on Wednesday.