As of October 19, 2015, the average price of crude oil is 46.7 dollars per barrel. At the close of trading on 19th of October, the prices of the West Texas Intermediate (WTI), Brent and Louisiana crude oil were 45.91, 47.51 and 46.81 dollars per barrel respectively.
The steady drop in oil price is due to increased supply in the market. The United States has doubled its production for the last six months cutting imports from countries like Nigeria, Saudi Arabia and Algeria. Producers in these nations have been forced to reduce prices become competitive in Asian markets. Iraqi and Canadian oil production are also on the rise, increasing supply in the market.