The price of the falls below 50 dollars the first time since December.
Yesterday it was reported that US weekly crude inventories reached to a peak together with a drop in oil exports to China last month.
The WTI oil price falling by 1.75% to 49.40 per barrel.
The price of oil Brent falls by 1.73% to 52.19 per barrel.
The Euro gained 0.2% against the US dollar and the pound climbed by a similar exchange.
The US dollar strengthened against major currencies.
The Euro falls by 0.3% to 1.0550 Euro to the dollar.
The pound weakened by 0.3% to 1.2433 pounds to the dollar.
The dollar strengthened against the Japanese yen by 0.2% to 114.54 yen to the dollar.
The Asian stock markets trading is conducted on a negative trend due to the appreciation of the dollar against the Japanese yen.
The US Dollar falls against the yen by 0.25% and trading at about 113.45 yen to the dollar.
The US trade deficit widened slightly in 2016 to 502.3 billion dollars, the largest deficit since 2012.
The deficit expanded to a record of the last four years and it stems from the fact that the exports from the United States shrank in a sharper pace than imports to the United States.
The Japanese Yen falls against the US dollar by 0.2% and is trading at about 111.97 yen to the dollar.
The Euro weakened against the US dollar by 0.6% and is trading at about 1.0687 dollars to the Euro.
At the same time of the decline in world markets since noon, the price of gold climbed by 0.8%, and an ounce sold at 1230.70 dollars.
The British pound declines by 0.8% against the US dollar to a level of 1.256 after the Bank of England announced that next year growth forecasts stand at 2.8%, in line with analysts.
Wall Street stock markets are expected to trade on a negative trend for the fifth time in six trading days, as the US dollar weakened to the 12-week lows.
The Oil traded with a mixed trend.
The price of the WTI oil goes down by 0.2% to a price level of 52.7 per barrel.
The price of Brent crude rising by 0.8% to 55.7 dollar per barrel.