With the international benchmark for crude oil dipping below $46 a barrel, oil prices have hit a seven-month low, according to the Associated Press.

Oil prices are just above where they were in November when OPEC and 10 other oil-producing countries agreed to limit output in an effort to cut the growing supply glut.

Although the nations involved in the limited-production pact have managed their targeted cuts, an increase in U.S. supply has countered their efforts. If the trend continues, oil prices will likely continue their steady decline.

Learn more: PennEnergy > Oil price extends drop to 7 month lows, despite OPEC cuts