Oil prices have fallen to levels last seen in 2004, there is no end in sight for the supply glut as OPEC has maintained its current production levels, and and new supplies are expected from the US and Iran - Russia is also producing at levels not seen since the fall of the USSR.
Brent futures fell by almost 2% to $US36.17, below the $US36.20 recorded on Christmas eve 2008, that was the lowest price during the financial crisis.
Iraq's oil minister Adel Abdul Mahdi has predicted that a price rise is coming, although he did not offer a specific timeframe for when he believes that the price increase will come. Iraq is OPEC's second largest oil producer.
Qatar's energy minister Mohammed Al Sada has also said that there's no need to be pessimistic about the current price slump.
As oil is primarily traded in US dollars last weeks rate hike has made oil consumption more expensive for buyers using other currencies.