Severstal oil "brent" fell on the trading session for $ 2.31 a barrel, or 3.7 percent to $ 60.29, the lowest level since November 2017, according to Reuters. "Brent" was trading at about $ 60.75 a barrel, down from $ 1.85, until 10:50 GMT.
US "light" oil WTI cheaper for $ 2.90, or 5.3 percent, drops at a given time to a minimum of $ 51.73 per barrel.
As the oil supply rises faster than demand, it is expected that the Organization of Oil-exporting Countries (OPEC) will "stop" production after a meeting scheduled for 6 December to prevent storage, similar to that of 2015, from being discontinued .
However, this expectation has not yet been reflected in market developments in terms of support for oil prices.
The value of barrels of oil has dropped by about 20 percent since the start of November, resulting in a series of losses that reached seven consecutive weeks.