The auction indicators show that the world oil prices are dropping in parallel with the investors’ fears concerning an oversupply.

February Futures’ Brent Crude Oil price dropped 0.21 percent and reached $57.76, per barrel, as of 8:43am Armenia time. The Light Sweet Crude Oil (WTI) price, on the other hand, fell 0.11 percent and reached $53.55, per barrel.

“The market’s oversupply isn’t an issue that could be solved in the short term,” Hong Sung Ki, a commodities analyst at Samsung Futures Inc. in Seoul, South Korea, told Bloomberg. “Oil prices are suffering as OPEC members, led by Saudi Arabia, firmly hold on to their stance to maintain output.”