Oil prices continued their downward trend on Thursday after the US reportedly asked major oil consumers, like China and Japan, to consider a coordinated release of oil stocks to lower prices.
China was reported as saying it was moving to release some oil from its reserves on early Thursday.
International benchmark Brent crude was trading at $79.91 per barrel at 0550 GMT for a 1.13% fall after closing the previous session at $80.82 a barrel.
American benchmark West Texas Intermediate (WTI) was at $77.10 per barrel at the same time for a 1.62% drop after trade ended at $78.36 a barrel in the previous session.
The International Energy Agency and OPEC have both said in their respective oil market reports in recent weeks that more supply will be available in the upcoming months.
Despite reports of more oil availability, experts believe this development would only offer a temporary fix to combat high oil prices.
By Zeynep Beyza Kilic