Following predictions from the International Energy Agency that the price of oil will see a limited rise in the next five years, oil prices in Asian markets plummeted once more on Tuesday February 10.
AFP reports that Brent crude oil for delivery in March fell another 77 cents to $57.57 a barrel on Tuesday.
West Texas Intermediate also saw a 74-cent decline today, reaching $52.12 a barrel.
The IEA has predicted that oil prices that are now lingering around $55.00 will see a limited rise in the next five years and will be traded at $73 a barrel by 2020. This is far below the $100 a barrel it traded at last June.
Analysts say the IEA predictions caused the further fall in oil prices.
The Iranian budget has suffered a heavy dent from the fall of oil prices, which Iranian authorities attribute to “manipulation by certain countries” aimed at harming Iranian economy.