Oil prices have fallen below $50 a barrel for the first time since May 2005 amid fears of a recession and expectations that demand will drop.
US light sweet crude fell to $49.75, while London-traded Brent crude fell to to $48.90 a barrel.
The price of oil is around two-thirds cheaper than in July, when it hit a record above $147 a barrel.
Members of oil cartel Opec are to meet on November 29, after opting to cut output by 1.5 million barrels per day.
"The lack of any positive news on the demand front as well as continued global economic turmoil continues to result in a dearth of bullish news," said Jonathan Kornafel, Asia director of Hudson Capital Energy.
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