ANKARA
Brent crude oil price fell below $58 per barrel Monday, reaching its lowest level since May 2009.
The global benchmark went down almost five percent, reaching $57.16 from the $60 per barrel mark, according to official figures.
Meanwhile, WTI, the American benchmark for oil prices, also fell almost three percent, reaching nearly $53 per barrel.
The sharp decline in oil prices came after a fire was put out at four out of the seven oil storage facilities in Libya's largest oil exporting terminal, Es Sider.
Es Sider and Ras Lanuf oil terminals in the country export about 350,000 barrels per day, which account for more than half of Libya’s oil exports.
Oil prices gained by almost three percent on Dec.15 as the two oil exporting terminals in eastern Libya were shut down because of internal strife.
Libya exported 735,000 barrels per day in 2013, according to the U.S. Energy Information Administration.
The production slump in Libya is one of the reasons for glut of oil in the markets, increasing global supply.
Oversupply, low global demand, and slow growth rate of Asian and European economies are considered to be the major factors behind the falling oil prices in the last six months.
The price of Brent crude oil has fallen more than 50 percent since June from $115 per barrel mark with Monday's sudden decline.
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