Crude oil price keeps slumping on world markets, Censor.NET reports citing Reuters. On Friday, Brent crude futures fell to $89 a barrel, close to a four-year low, and U.S. crude also slumped nearly $2 to hit its lowest since 2012.
Brent crude for November delivery was down $1 at $89.05 a barrel, after falling earlier to $88.11 - its lowest since December 2010.
"It's panic mode. Panic and capitulation. We are now in uncharted territory, so anything could happen," said Carsten Fritsch, commodities analyst at Commerzbank, adding that without some action from OPEC, prices will "continue a freefall".
"Markets will now test OPEC's pain threshold."
Brent has fallen nearly 24 percent since hitting this year's high of $115.71 in June.
U.S. November crude dropped $1.20 to $84.57 a barrel. The contract, also known as West Texas Intermediate (WTI), hit a session low of $83.59, its lowest since July 2012.
The weak data, and fears of slower oil consumption, came as geopolitical risks from the Middle East to Ukraine have failed to disrupt oil supplies, while output from key producers such as Libya has improved.
U.S. crude inventories also soared far more than expected last week on higher imports and as refineries cut output.
The main reference price for OPEC crude oil exports fell to its lowest since 2010 on Thursday, tracking the slump in global oil benchmarks. Calls for members of the Organization of the Petroleum Exporting Countries to curb output are mounting, but core Gulf members such as Saudi Arabia have shown little inclination to take any action prior to the group's Nov. 27 meeting.
The relentless decline in oil prices prompted investment bank Barclays to slash its average fourth-quarter forecast for Brent to $93 a barrel from $106 previously. It also cut its estimate for WTI to $85 from $98.