Brent crude traded at around $24 per barrel on Tuesday as low oil demand and the rising glut of supply around the world continues to keep a downward pressure on prices.
The price of the international benchmark was trading at $24.80 per barrel at 0620 GMT for a 2.66% decline after closing Monday at $25.48 a barrel. American benchmark West Texas Intermediate (WTI) was at $14.92 a barrel at the same time.
WTI crude oil sharply curtailed Monday, falling into negative territory for the first time in history.
On Monday, the price of WTI oil under the futures contract, which expires Tuesday, fell to as low as -$37.63 after opening at $17.73, a dip of more than -290%. This indicates that there is such a glut of supply relative to demand that suppliers would have to pay to unload their inventory.
The contract is for oil that will be delivered in May, but a contract for June deliveries that will expire on May 19 saw a barrel settle at around $20.
Oil storage levels have witnessed sharp increases over the past few weeks, leaving less room for available capacity, while many countries could easily run out of oil storage space next month, risking a further fall in crude prices.
By Ovunc Kutlu