After yesterday’s resurgence, oil prices once more dropped back down, in Asian markets, according to an internet publication by the Wall Street Journal.

In London, brent crude oil for February deliveries has dropped by 59 cents to 48.10 dollars per barrel.

At the same time, American crude oil stands at 47.98 dollars per barrel in the NYSE.

Citi Futures analyst Tim Evans stated that without any substantial intervention by OPEC, the oil market will find it difficult to recover.

At the same time, Australian ANZ Bank stated that US crude oil production has raised by 5.4 million barrels last week, even more compared to initial estimates, thus providing an abundance of supply to world markets, with a lack of demand.

OPEC is expected to hand in its monthly report and markets are awaiting to see the Organization’s stance towards new supply and demand figures, worldwide.