The OPEC Reference Basket fell $4.77 to stand at $95.98/b in September, as sluggish demand and ample supply continue to weight on the oil market.
The continuing slump in global oil prices is punching holes in the budgets of oil-producing countries, including some OPEC members such as Iraq and Libya that are struggling with severe political and security problems.
With the rouble down 18 percent against the dollar this year and sanctions chipping away at economic ties with the West, ordinary Russians might be forgiven for rushing to put their money in a nice, "safe" foreign currency.
Crude oil prices stabilised Friday after dropping significantly this week.
The share-price boom at U.S. energy firms has gone bust, due to slumping global growth and tumbling crude prices.
This year's fall in energy prices is hastening the decline of big oil, as the seven Western majors sell-off assets, cut investment, return money to shareholders and shrink in size, leaving ever more output to small producers and state firms.
West Texas Intermediate extended its slump into a bear market amid speculation that rising global oil supplies will be more than enough to meet slowing demand. London’s Brent traded at the lowest price since December 2010.
Consumers in many Asian countries are missing out on the benefits of a global slide in oil prices and instead paying more at the pump as governments cut down on expensive energy subsidies.
EIA projects average U.S. household expenditures for natural gas, heating oil, electricity, and propane will decrease this winter heating season (October 1 through March 31) compared with last winter, which was 11% colder than the previous 10-year average nationally.
Cheap natural gas has delivered a significant boost to US manufacturing exports, the International Monetary Fund has found.