The price of Brent crude oil continues its fall, dipping below $48 per barrel on Monday, according to official figures. The global benchmark fell below the $50 per barrel level last Wednesday, and was traded as low as $47.6 per barrel on Monday with a daily 6 percent decrease, setting a new record-low point since April 2009.Meanwhile, the American benchmark, West Texas Intermediate, WTI, also fell to $46 per barrel - its lowest point since April 2009 - after diving below the $50 per barrel level last Monday. Oil prices have declined more than 50 percent in the last six months, reaching their lowest point in the last five and a half years, and have seen their fastest fall since 2008. The glut of oil supply in the world markets, low global demand for oil, and the slow growth rate of Asian and European economies are viewed as the main factors behind the slump of oil prices.The Organization of the Petroleum Exporting Countries, OPEC, met on November 27 to devise a strategy against falling oil prices, and decided against cutting production to increase prices. The oil cartel remains silent against the sharp decline in oil prices, and has not yet called an emergency meeting. Two influential members of OPEC, Saudi Arabia and the United Arab Emirates, claimed on December 21 that oversupply and low oil prices were being caused by non-OPEC producers.