Brent crude oil - the global benchmark for world oil index, has fallen to $82 per barrel on Thursday.
The other benchmark widely used in the U.S., Western Texas Intermediate crude oil, has also seen a fall to $79.78 before it rose to $80 again.
Currently brent per barrel is trading from $82.93 and WTI per barrel is traded from $80.39.
The downward trends in crude prices since July 2014 are mainly because of the surplus in oil supply due to the global economic recession. Prices reached their lowest point seen in the last four years this week.
International energy institutions such as the International Energy Agency and U.S. Energy Information Administration predict that the demand for oil will not rise soon and this scenario may push prices further down.
While these low prices threaten countries whose economy depends mostly on oil exports, net oil importers could save billions of dollars.