West Texas Intermediate (WTI) dropped to its lowest in nearly six years, ending within close range of the US$45 on which the national budget is pegged.
Early in the day prices initially rallied after Opec Secretary-General Abdullah al-Badri said oil may have hit a floor and could move higher very soon.
However, thiose gains proved fleeting as Brent crude fell 1.3 per cent to US$48.16 and WTI, which trades within the range of the light sweet crudes produced in T&T, dropped almost 1 per cent, eventually settling at US$45.15.
The Brent/WTI spread narrowed to US$3.01 after going as wide as US$3.41 on Friday, its widest in three weeks.
In his address at the opening of the T&T Energy Conference 2015 yesterday, Finance Minister Larry Howai said while her would not rule out a "recalibrating" of the national budget, revision is not on the front burner.