The oil is at a six-month low and trades below $ 45 a barrel.
This is the lowest level since November 15, when OPEC’s cutbacks in output were signed.
The oil prices fell by 11% this week on the back of rising US oil production.
WTI oil fell by 3% to $ 44.1 per barrel and Brent crude oil fell by 2.7% to $ 47 a barrel.
OPEC representatives will meet on May 25 in Vienna, Austria to discuss an extension of the cutoff agreement for another six months.
The US employment report for the month of April is expected to show that 190,000 new jobs will be created for the non-agricultural labor market.
The unemployment rate is expected to remain unchanged at 4.5% only.