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Brent oil prices back to the low point for 11 years and US crude oil trade recorded lower because of weak oil consumption in Japan and there are fears of oversupply.
Crude oil index slipped in Asian trading after the release of Japanese data that showed oil sales lowest in 46 years in a country that is the fourth largest consumer of crude oil the world.
On the New York trading session, the price of black gold is still depressed. Brent oil prices fell US$ 1.28 to US$ 36.61 per barrel in the afternoon session. The price also was down to US$ 35.98 per barrel, the lowest since 2004.
While US crude West Texas Intermediate (WTI) fell US$ 1.29, or 3.39 percent to US$ 36.81.
Jim Ritterbusch of oil market consultants Ritterbusch & Associates in Chicago, said the trade is still bearish (down trend). "Brent or WTI towards the range of US$ 32.50," he said.
Meanwhile, countries that are members of the Organization of Petroleum Exporting Countries (OPEC) are still reluctant to reduce production. However, this decision must be paid.
Saudi Arabia, OPEC's largest member, have swollen budget deficit to US$ 98 billion, equivalent to around Rp 1,367 trillion in 2015.
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