ANKARA
Oil prices took a sudden slump on Tuesday, reaching new record-low points in the last five years.
The global benchmark Brent crude oil price dipped below $60 per barrel, reaching $59.82 at 8:30 am GMT on Tuesday, the lowest level since July 2009, according to official figures.
Meanwhile, the American benchmark for oil prices, West Texas Intermediate, also fell below the $55 per barrel mark, for the first time since May 2009.
Despite the shutdown of two oil exporting terminals in eastern Libya which pushed the prices up by almost 3 percent on Monday, both benchmarks continued their fall since June.
Oil prices are in steep decline in the last six months, due to an excess supply of oil in world markets and low global oil demand.
In addition, the increasing value of the U.S. dollar, of which the oil prices are indexed to, hamper the purchasing power of oil-dependent countries.
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