REUTERS

At trading on Wednesday morning the price of Brent fell by more than a dollar, to $49.92 dollars per barrel, but then rose again, the BBC has reported.

The price of the U.S. benchmark crude grade WTI fell below $50 on Tuesday.

Analysts say oil prices are falling because of the slowing global economy and decreased demand for oil while supply remains high.

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According to some expert predictions, the price of oil could drop as low as $30 per barrel if the next big psychological barrier – the $40 per barrel mark – is broken as well.