The price of Dubai crude fell nearly $15 per barrel in January to its lowest level in six years, traders told Reuters on Monday.
Quoted by Platts energy price-reporting agency, January Dubai crude averaged $45.57 a barrel, the lowest since February 2009.
The price of Dubai, Oman, and Oman/Dubai crude is the primary pricing reference for crude oil deliveries to Asian refineries from the Gulf, as producers in the Middle East base official selling prices (OSPs) on these prices.
In January, oil market volatility was still at high levels, and investors were still unsure if prices could continue to go lower or rebound.
There are signs however that the market has found a floor. Brent and U.S. crude oil prices advanced nearly 11% over the last three session. Brent crude prices were trading above $55 per barrel.
February prices are expected to be higher if the market maintains its strong start for the month.