The world's leading crude oil producers will continue their plans to loosen production cuts even though there is a risk of a surge in Covid-19 cases in Europe and the United States will continue to suppress demand for fuel.
This puts black commodity trading to remain under pressure due to concerns over oversupply while the recovery in global demand continues to weaken.
Brent crude futures traded lower at $ 42.73 a barrel, while the US WTI traded lower at $ 40.56 a barrel.
Both benchmarks previously experienced a significant drop before re-rising following encouraging data by the Energy Information Administration (EIA).
US crude oil supplies reportedly declined more than expected with a reduction of 3.8 million barrels last week after an increase of 500,000 barrels the previous week.
In Europe, several countries have re-imposed stricter restrictions to curb the spread of Covid-19, particularly London.
Nevertheless, OPEC + will continue its plan to reduce its cut by 2 million barrels a day from its current production of 7.7 million barrels a day in January although the OPEC + committee is actually concerned about the risk of a recent case increase against global demand.
