By Jonathan Davies

Oil prices fell to their lowest level in six-months yesterday (Monday), briefly falling below the $50 mark.

Brent crude oil fell below $50 at $49.74 per barrel as markets' fears grew over global oversupply.

Since oil prices first started their plummet last summer, it has widely been accepted that the world is producing too much oil.

According to the Organisation of the Petroleum Exporting Countries (Opec), its 12-member nations produced 32 million barrels of oil per day in July, 2 million more than it targeted.

Production in the North Sea is likely to see its first increase in 15 years despite huge reductions of investment and job losses, according to figures release by UK Oil and Gas.

“Clearly the oil price — which has more than halved since this time last year — continues to really challenge the industry. However, [the production increase] can indeed be attributed to the effort and investment industry has put into improving the integrity and performance of UKCS assets," said Deirdre Michie, chief executive, Oil & Gas UK, in a statement.