The crude oil prices plunged from $115 per barrel to $48.5 per barrel between June 2014 and January 2015, hitting the lowest levels since 2004 in January 2016, which was below $28 a barrel. Despite recovering slightly recently, the prices have remained below the $35-per-barrel mark.
Earlier in the day, Russia, Saudi Arabia, Venezuela and Qatar agreed to freeze oil production at January levels if other countries followed suit.
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