Brent crude oil prices slid below $40 per barrel Tuesday for the first time in almost seven years after the Organization of the Petroleum Exporting Countries failed to reach an agreement to restrain production, leaving members to continue pumping crude into an already oversupplied market.

West Texas Intermediate fell 0.4 percent to $37.51 per barrel on the New York Mercantile Exchange.

Market experts including Goldman Sachs have predicted that the oil prices would further drop to $20 per barrel as there is little chance of the oil producers reaching an agreement before the next OPEC meeting on June 2, 2016.