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Oil prices dropped over 2% toward its 11-year low Jan. 5 as traders shrugged off growing tension between two of the world's biggest oil producers and focused on a stronger U.S. dollar and swelling U.S. crude inventories.

Oil fell below $35 a barrel in New York for the first time since 2009 as Iran reiterated its pledge to boost crude exports, bolstering speculation OPEC members will exacerbate the global oversupply.

Brent crude fell below $40 a barrel for the first time in almost seven years after OPEC effectively abandoned limits on crude output, prompting speculation that a record global glut will continue.

Depressed oil prices are likely to linger longer as analysts dropped their predictions further for next year, according to a Reuters poll, assuming OPEC will not cut output when it meets Dec. 4.

A plunge in oil prices this year has prompted a $35 million cut to the budget for Alaska’s Department of Transportation, making the state’s truckers nervous.

Oil climbed from a two-week low amid speculation that the buildup of U.S. crude inventories will soon end as refinery demand increases.

Technology can be used to increase the world’s proven oil and gas reserves by two-thirds — almost double the amount needed to meet demand through 2050 — keeping energy supplies plentiful and affordable, according to BP.

The United States plans to sell millions of barrels of crude oil from its Strategic Petroleum Reserve from 2018 until 2025 under a budget deal reached Oct. 26 by the White House and top lawmakers from both parties.

Oil at $50 a barrel is a “gift to the world” as prices should be low enough to spur economic growth, according to the head of Abu Dhabi’s Department of Economic Development.

Oil slipped, capping the lowest quarterly average price since the start of 2009 as U.S. crude inventories climbed.