(VOVworld) – OPEC’s increasing daily oil production and a record amount of oil storage in the US are the main reasons oil prices bottomed out in the last 6 years.

Oil prices reach its bottom over the last 6 years (Photo: Alamy)

In the last trading session Thursday at the New York Mercantile Exchange, WTI crude oil prices decreased to 42.23 USD per barrel. A redundant global oil supply until next year forecast by the International Energy Agency is another reason for Thursday’s record low oil prices.