The market opening earlier in the week saw crude oil trading fail to register a recovery due to a stronger US dollar, leaving it to remain trading lower.
US WTI oil futures were trading bleakly at $78 a barrel after losing more than 7% last week.
Meanwhile, Brent crude traded weaker at $86 per barrel following a loss of almost 6% recorded last week.
Both benchmarks traded weakly at their lowest levels since January.
The strengthening of the US dollar also weakened black commodity trading, which made crude oil more expensive for holders of other major currencies.
In the meantime, there is renewed speculation that OPEC+ may consider intervening in the crude oil market again.
Earlier in September, OPEC+ announced a small cut in its oil production and promised to take further action if volatile market movements continued.
Energy giants Saudi Aramco and Crescent Petroleum have recently warned that lower oil prices will lead to less investment in sectors that are at the root of production shortages and the global energy crisis.
