On October 9, 2014 the price of November futures of Brent oil went down to $88.57 per barrel. This is the lowest price since June 2012. The price of WTI oil brand went down below $90.00 on October 2, 2014.
The oil prices go down for three months running, because of growth of supply at the world market. In September production by OPEC member-states increased with Libya being the leader. Libya’s production has reached the maximum level, reported Bloomberg. OPEC did not coordinate reduction of quota of oil production, but Saudi Arabia has provided big discounts to its oil buyers.