Crude oil prices were down on Wednesday with the ongoing supply glut and weak overall oil demand around the world.
International benchmark Brent crude was trading at $35.98 per barrel at 0607 GMT for a 0.52% loss after ending Tuesday at $36.17 a barrel.
American benchmark West Texas Intermediate (WTI) was at $34.14 a barrel at the same time for a 0.61% decline after closing the previous day at $34.35 per barrel.
Due to the novel coronavirus (COVID-19), global oil consumption has been low for the last three months, leading to a rise in oversupply and an increase in crude stock capacity.
Investors have been anxiously awaiting the gradual lifting of quarantine measures in major economies in the US and Europe so global oil demand can start to pick up.
On the supply side, Saudi Arabia-led OPEC and Russia-led non-OPEC oil-producing nations agreed to lower their collective oil production by a total of 9.7 million barrels per day from May 1 through June 30.
However, their level of compliance and the need for deeper output cuts remain under question.
By Ovunc Kutlu