Declining oil prices on Thursday recorded their lowest in 11 years due to the American dollar high hit against a basket of currencies, after the Federal Reserve decided to raise interest rates for the first time in 10 years, in addition to expectations of increase in market structure in 2016.
Analysts added that contrasting monetary policies between the persistent Federal Reserve, European Central bank, and Bank of Japan would increase the demand on the U.S Dollar.

OPEC organization’s secretariat announced on Thursday that the price of the reference basket of 12 types of crudes produced by the Organization of Petroleum Exporting Countries dropped to$32.33 the lowest since April 2004.

Declining prices were recorded on the eve of American congressional vote on the passing of a massive spending bill that would end a 40-year ban on crude oil exports, after the House of Senates passing the bill and the White House announcing its support after congress having approved.

Both Democrats and Obama’s Administration have given in to the Republican’s demands, in addition to the lobby of oil producers’ demands long ago on lifting the ban and allowing American crude oil exports to expand and delve in other markets.