Oil prices drop to about 54 $ a barrel today, Tuesday, to reach a new level last seen in 22 months, as a result of the pessimistic forecasts of the global economy.

The price of light American crude reached in December to 54.40$ a barrel, while London Brent fell to 51.76 dollars.

 
The U.S. crude down more than 60% compared to the highest level reached last July (147 $ a barrel), as a result of the financial crisis that recently hit the global economy, which led to the entry of a number of major economies phase of economic stagnation.

 
The Organization of Petroleum Exporting Countries “OPEC” announced its intention to hold meeting on 29 Nov. in Cairo amid pressure from other members to cut production to support oil prices retreating with the spread of economic stagnation.

 
The organization has acknowledged late last month reducing production by 1.5 million barrels per day as of the beginning of this month, but oil prices continued to decline.

 
Qatar has recently called for the need to maintain the price of oil above 70 $ a barrel to encourage investment in energy production and avoid future crises in supply.