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According to the Korea National Oil Corporation (KNOC), the Dubai crude dropped $0.95 per barrel to close at $59.56 on Monday (local time), the lowest since May 26, 2009. Dubai crude accounts for about 80 percent of South Korea's imports of petroleum.
The Dubai crude has plunged more than $15 for the past two weeks.
WTI crude futures also declined $1.90 to $55.91 a barrel on the New York Mercantile Exchange (NYME), the lowest since May 2009, while Brent crude futures fell $0.79 to close at $61.06 on the ICE futures exchange in London.
In Singapore, regular gasoline dropped $1.01 per barrel to $68.42 and diesel fell $1.14 to $75.80.
The crude price fall came after the latest OPEC decision not to cut crude production, which was made in late November.
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