LONDON (AP) – Oil prices fell further to a new 7 month low today, with the international benchmark for crude sliding below $46 a barrel.

That is just below the price seen in November, when OPEC and 10 other oil-producing countries agreed to cut their production to combat a growing supply glut.

While Russia, Saudi Arabia and other nations involved in the deal have met their targeted cuts, an unforeseen increase in U.S. supply countered those efforts.

With the glut persisting, the outlook for oil prices has been dampened.

Analysts at Commerzbank predict that persistent negative investor sentiment about oil prices could push the international benchmark, Brent, below $45 per barrel.