Oil prices have continued to decline since the beginning of the New Year, with Brent crude falling below $35 a barrel for the first time in 11 years.
Brent crude sank by 4.2% to $34.88 a barrel, surpassing its late December fall, and taking the price to its lowest level since 1 July 2004.
The price of US crude dropped 3.3% to $34.77 a barrel.
The sharp falls followed a short-lived rally on Monday after Saudi Arabia broke diplomatic ties with Iran.
