The U.K. oil price has fallen to its lowest level since June 2016, the latest sign of slowing growth in global oil demand and the decline in output of a global oil company.
The British pound fell to $1.3455 from $1 and the euro tumbled 0.3 percent against the dollar.
U.S., European and Asian stocks rose sharply after a report showed the Dow Jones industrial average closed at a record high, and the S&P 500 gained.
The Dow Jones Industrial Average was up 5.25 points, or 0.9 percent, at 23,732.17, the S & P 500 was up 3.17 points, 0.7 percent, and in the Nasdaq composite gained 2.97 points, 1.5 percent.
For all of 2018, the Dow and S&s had gained nearly 5 percent each.
The S&am gained more than 1 percent, while the Nasbrows gained more 1.7 and 1.1 percent.
The oil price fell to its highest level since the start of June 2016.
As of 1:20 p.m.
ET, the price was $49.72 a barrel, down about 0.6 percent from its July level, according to the Commodity Futures Trading Commission.
The price was down about 2 percent from the peak reached last September.
A trader stands in front of a container of cheap crude oil at the refinery in Houston, Texas.
At a hearing Tuesday in the House of Representatives, U.N. Secretary-General Antonio Guterres said the world is on track to see the worst global warming since the late 20th century.
“The only way we are going to avert this disaster is if we all get together and act together,” Guterre said.
President Donald Trump, a Republican, and Vice President Mike Pence, a Democrat, signed a memorandum in April to begin an investigation into whether ExxonMobil misled investors and regulators.
Since then, the companies have faced scrutiny by congressional committees, including the House Committee on Energy and Commerce and the Senate Committee on Environment and Public Works.
In an effort to boost profits, Exxon Mobil cut its dividend by 20 percent, which it said would bring in $2 billion a year.
In September, it announced that it would raise its dividend for 2018 to 2.9 times its annual earnings.
ExxonMobil said in a statement on Tuesday that it expects its 2017 dividend to be adjusted in a future dividend review.
Firms in the energy industry, particularly the oil and gas industry, have long been among the largest beneficiaries of cheap oil, which they have benefited from over the past few decades.
Eighty-four percent of the value of U.R.O. oilfield exploration in the United States comes from oil sands, which can be mined at high prices, and oil from shale, a process where sandstone rocks are heated and compressed to release the oil.
By contrast, only about 3 percent of U:S.
crude oil production is produced from natural gas, which is extracted from the ground.