After yesterday's recovery  in the Brent price, it again came under renewed pressure during the time of trading, today morning it finds itself at a new 7-year low at $39.5 per barrel.

Sell-offs were triggered ahead by the OPEC monthly report, as per which the cartel's oil production rose in November by 230000 to 31.7 mn barrels per day.

The prices of crude oil stayed at levels which are not seen since early 2009, as the output in the Middle East continued to increase, despite of huge oversupply.

Brent crude futures dropped 0.5 percent at $39.52 a barrel,the 7-year low was $39.38 a barrel.