By the end of this year and next year, the global oil market will be in a fair and sensible condition. This is according to the expectation of the Organization of the Petroleum Exporting Countries secretary-general on Sunday.

Considering the adverse conditions being faced by the Brazilian oil and gas company, Petroleo Brasileiro Petrobras' price estimate has been revised down to $7.41 a share from $10.80.

Oil prices dropped further on Friday trading following the alert from the US Central Bank that global economy is weakening. Adding to this, indications that Organization of Oil Exporting Countries (OPEC) would keep up oil production, in order to maintain its market share, also further dampened the market confidence. Equities on the US and European stock markets opened lower. The fundamentals seem to have turned bearish, fell the analysts. Oil price is expected to be $80 per barrel by 2020.

Next month, Iran is going to reduce prices for all its oil grades export to Asia, according to two people who knew the decision. There will be a reduction on the premium on its main light crude over the similar Saudi blend to the narrowest since the end of 2012 as reported by Bloomberg.

Gas becomes less expensive because the bottom has fallen out on oil prices. Crude is responsible for almost half the cost of a gallon of gas, as reported by CNN Money. Since June, prices have been plummeting and according to AAA, the regular gasoline's average price is now at $2.40 per gallon or more than a dollar less than it was a year ago. The plunge has been widespread and average prices are still above $3 in only four states namely: California, Nevada, Alaska, and Hawaii wherein the last two states have everything that is often more expensive.

The oil price surged to one-month high at $47.31 a barrel on New York Mercantile Exchange (NYME). Oil futures reached $48.09 indicating its highest since 31 July. The rebound in oil prices was mainly due to two factors.

It has been nine months since OPEC made a choice to abandon its production target unalterable and pursue market share rather than trying to prop up prices, the group is now faced with a set of complicated issues and decisions going forward.

The U.S. crude oil's price continued to crash allowing it to reach its lowest level in more than six years. Benchmark U.S. crude oil has fallen to $1.88 equivalent to 4% making it settle at $43.08 a barrel In New York City, which is at its lowest since March 2009. The front-month continuation contract for U.S. crude had previously struck a 2015 low of $42.03.

Collapsing oil prices are prompting energy firms to lay off workers. Royal Dutch Shell and Centrica -- two of Britain's leading energy firms -- are cutting more than 12,000 jobs this year.

Oil dropped on Monday as signs of a growing glut in refined products outweighed a fall in Saudi crude exports and slower U.S. rig activity.