As of 20:39 GMT, the Brent blend futures based on the light North Sea crude oil depreciated by 7.43 percent to $64.91 per barrel.
At the same time, the price for the WTI Crude Oil has also decreased on Wednesday by 8.31 percent and reached $54.95 per barrel for the first time since November 16, 2017, according to the market data.
In August, the price of Brent crude oil has exceeded $75 per barrel.
Previously, the OPEC and several oil producers outside the cartel agreed to cut oil output in an effort to stabilize global oil prices in 2016. A total cut was estimated at total of 1.8 million barrels per day, while non-OPEC states pledged to jointly reduce oil output by 558,000 barrels per day, with Russia pledging to cut production by 300,000 barrels.
In May this year, the parties to the accord agreed to extend the deal until the end of March 2018. Another extension was made later that would make the deal in effect until the end of 2018.