Oil prices have fallen below $50 per barrel in the world market.

Experts say the continuous drop in prices indicates that the demand for oil is weakening.

A barrel of crude is selling at about 48 US dollars at the New York Mercantile Exchange.

This represents a steep decline from 107 US dollars per barrel over the last one year.

Exports from the Middle East and America have increased despite the decline in prices.

Experts say the prices will continue to drop as oil exporters continue to fight for market shares.