Crude oil prices look set to continue throughout 2015 and into early 2016, according to analysts, as prices drop down to seven year lows.

Brent crude is down 0.96 percent at $39.73 a barrel, with Crude down 1.09 percent at $36.76 a barrel – just above Thursday’s low point, the worst since February 2009.

Oil has already lost a third of its value in 2015, as the relentless drop continues. The crisis, caused by increased output in the Middle East and a lack of demand, is expected to continue on into early 2016.

OPEC decided last week to continue to allow the current output level of around 31.5 million barrels a day to continue, causing prices to fall further this week. More oil was pumped in November than in any month since 2008, despite demand showing no sign of increasing.

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