Transactions have shown that the world oil prices have dropped against the backdrop of expectations for an excess surplus of supply and an absence of demand.

Accordingly, the September Futures’ Brent Crude Oil has fallen by 0.74 percent and reached $48.25, per barrel.

And the September Futures’ Light Sweet Crude Oil (WTI) has dropped by 0.65 percent and made up $43.57, per barrel, reported RIA Novosti news agency of Russia.

Despite this reduction in oil prices, the oil-producing countries have not cut down production.