(VOVworld) – The price of crude oil in the US market fell to its lowest point in 11 years after the US decided to lift its 40-year ban on crude exports.

Crude oil prices fell to their lowest since 2008 on major benchmark indices Monday. (Photo: Reuters/Carlos Garcia Rawlins)

Brent oil, which will be delivered in February 2016, fell 1.4 percent to 36.35 USD a barrel, its lowest price since 2004.

OPEC decided earlier this month to keep producing oil at high volumes despite an excess supply, increasing downward pressure on the price of crude oil. The pressure increased when the US Congress lifted its 40-year ban on crude exports. This historic change in US energy policy comes as global crude oil prices are tumbling. Oil prices on the global market have fallen 60 percent since last summer.