Brent crude oil has fallen below $50 a barrel to hit a six month low.
ICE September Brent crude, which acts as the global benchmark, fell 18 per cent in July.
Having fallen by 4.64 per cent in the first session of August trading, it lost more than $2, falling to $49.58, its weakest price since January 30.
Over the year, the price of ICE Brent crude oil has fallen by 52.44 per cent.
Oil prices have been hit by weaker demand and rising supply, especially due to a resurgence of US production.
US benchmark West Texas Intermediate (WTI) was trading 3.3 per cent lower at $45.58 a barrel.