Oil prices fell after Monday's meeting in OPEC's oil cartel and twitter reports from US President Donald Trump on oil stocks.
On Tuesday night, North Sea oil price was a little over $ 65 for the dish, which is a big downturn compared to the October top of the $ 87 barrel.
The price drop came after OPEC released new forecasts on Tuesday for less growth in demand in 2019, signaling that Saudi Arabia and other oil nations are planning to slow production, the Financial Times writes.
"There is no doubt that there is a cut in production, since it is overproduction," says Carsten Fritsch in Commerzbank for the paper.
The decline on Tuesday came after a slight rise on Monday, when Saudi Arabia, the world's largest oil producer, announced that it would cut production.
The president of the United States was on the court on Monday and later asked himself what he meant about the cuts. I hope, not Saudi Arabia or OPEC producing oil. On the basis of supplies, prices should be much lower, he wrote.
"The president of Twitter-Gal, the weakened Saudi crown prince and the confused oil investors are contributing to the deflation of oil," analyst Bairn Schildrup told DN.
He believes that the decline in prices can also be explained by the rise in oil prices in the US, where the price of American oil fell to a very low level.