The price of a barrel of Brent crude oil fell below 49 dollars on Monday, for the first time since April 2009, and analysts are warning that further falls are possible amid oversupply and poor demand, transmits BBC, quoted by Agerpres.

On ICE London, the price of a barrel of Brent crude oil with delivery in February fell by more than a dollar, to 48.82 dollars, while in the US crude quotation fell to 47.24 dollars. On the New York exchange, WTI crude oil quotation (the US quotation) fell to 45.9 dollars per barrel, notes Bursa daily.

Analysts at Goldman Sachs estimate that in the first half of this year crude price quotation will reach about 40 dollars, the price at which investment in US shale gas industry will be delayed. The production of companies exploiting shale deposits in North America increased the supply of gas and oil, driving the price reduction.

Also, the slowing of global demand and the appreciation of the dollar against other currencies led to lower oil prices. The price of crude oil, which fell by over 50% compared to June 2014, has affected many energy companies.

If the price of a barrel of oil remains at around 55 dollars, energy companies will be hit hard, which will affect investments, warned last week Moody’s rating agency, notes Agerpres.

Russian oil production reached a record level, and Iraq’s oil exports have returned to the level of 1980, but European and Asian economies face slowdown to the point of entry into recession. Also, the Organization of Petroleum Exporting Countries (OPEC) has recently decided to maintain production. Yet, Venezuela, part of the organization, asked solutions for price recovery.