With the U.S. Department of Energy claiming growth of raw material stocks, crude oil prices sped up the decline: North Sea Brent crude was traded below its psychological mark of $30 a barrel for the first time since February 2004, RIA News report. 

As of 10:31 p.m. MSK, March futures price of North Sea Brent crude decreased by 2.23 percent down to $30.26 per barrel. Previously, it had dipped below $30 down to $29.95 per barrel for the first time since February 2004. February futures price of WTI crude rose by 0.08 percent to reach $30.46 per barrel.

According to the U.S. Department of Energy, U.S. commercial oil stocks (excluding strategic reserves) increased by 0.2 million barrels to 482.6 million barrels during the week which ended Jan. 8. The analysts believed the figure would reach 2.504 million barrels to make 484.804 million barrels in total.

Oil production in the U.S., the department says, increased by 0.08 percent last week, or 8,000 barrels per day to 9.227 million barrels per day. The country's oil reserves stocked at the largest terminal in Cushing, Oklahoma, has increased by 0.1 million barrels up to 64 million barrels per day. 

The demand in oil products, especially petrol, sharply increased in 2015, because customers took advantage of low prices. Some investors indicate hard data of consumption as the main reason, due to which they expect that oil prices will start growing this year.

However, the consumption has slowed down in USA within last weeks because of warm weather, which led to the decrease of demand. If demand in oil products weakens more greatly, oil prices can remain low during the longer period than analysts and investors currently expect.