Global oil prices have fallen to their lowest level in more than two years after Saudi Arabia cut its official selling price.
Concerns of oversupply after higher output in the US, together with forecasts of lower global demand by the International Energy Agency (IEA), are driving prices down.
Brent crude fell by more than 1 percent to $93 a barrel, its lowest since June 2012.
US light crude fell below $90 for the first time in 17 months.
On Wednesday, Saudi Arabia announced it was re