While OPEC has been unable to agree on an output freeze in an effort to support prices, Iraq was the latest Middle East producer to raise its exports quota
Oil fell below $59 a barrel for the first time since May 2009 on Tuesday, extending a six-month selloff as slowing Chinese factory activity and weakening emerging-market currencies added to concerns about demand.
Lonely Planet unveiled its list of Asia's Top 10 destinations for 2018.
Both crude benchmarks are now down around 20 per cent since their last peak in June
While consumers have enjoyed lower fuel prices, producers have cut spending and thousands of jobs
Oil has slumped from above $115 in June 2014 as shale oil from the United States has flooded the market
The low global crude prices have helped narrow the current account deficit to just 0.2 per cent of GDP in the previous January-March quarter.
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