Oil producers added pressure in the market after Brent futures on Thursday recorded its lowest settlement price since December 2010 and WTIcrude notched its lowest settlement since October 2011.
The OECD released strategic oil reserves in response to the situation in Libya to help bring down prices temporarily, but with the exception of a fall in WTIcrude prices in the U.S., oil prices have remained steady despite the gathering clouds over the economy.