The level was seen on Friday prior to the expiry of the U.
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Currently, Brent futures for January delivery are down by 1.88% at $43.82 per barrel on the London-based ICE Futures Europe exchange.
“We can not allow that the market continue controlling the price”, Del Pino said.
Still, Saudi Oil Minister Ali al-Naimi called for efforts to stabilize the energy market last week, saying that Saudi Arabia was prepared to work with OPEC and non-OPEC producers to support prices.
January futures fell as much as 3.1 per cent in NY as the dollar gained, making commodities priced in the USA currency more expensive. So far, non-OPEC countries have refused and OPEC in turn has declined to reduce its supplies.
A top Fed official said on Saturday that there is a “strong case” for raising interest rates when Federal Reserve policymakers meet next month, as long as USA economic data does not disappoint.
The United States crude December futures that expired on Friday ended 15 cents down at US$ 40,39 after hitting a low of US$ 38,99, the cheapest since August.
“OPEC is producing more than its ceiling and I asked them to reduce production and respect the ceiling, but it doesn’t mean that we don’t produce more because it is our right to return to the market and to preserve our rights and our share in the market”, he said.
“We still think that a low 40s NYMEX WTI is a floor from which the market can rally through the winter”, said BNP Paribas said in a research note.
January contract had dropped 78 cents, or 1,86%, to US$ 41,12 a barrel by 3h40 GMT.
Oil prices resumed their downward trend on Monday, as earlier gains inspired by bullish comments from Saudi Arabia were seen as short-lived. Brent crude last traded at that level in December, days after Opec gathered in Vienna and opted to resist calls from members including Venezuela to cut output.
Despite similar pledges before, the Saudis and other big OPEC producers have kept output high to maintain market share, and crude prices have halved over the past year. It was only the second time since the price crisis began that oil fell under $40 a barrel, prompting warnings from industry experts that prices could soon reach new lows, reports Business Insider.
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Crude oil futures lost ground in early Asian trading on Monday, pressured by a global supply surplus despite a cut in the number of US oil rigs for an eleventh week out of 12, CNBC reported.
