Crude oil prices started Thursday with a decline after the U.S.' crude oil stocks showed an increase, while trade tensions ahead of the G-20 meeting caused investors concern over lower economic growth that could impact oil demand.
U.S. President Donald Trump's trade policies and tariffs on various countries are expected to dominate the G-20 meeting that will kick off in Buenos Aires, Argentina on Friday.
If trade issues between major economies, especially the U.S. and China, are left unresolved, this could have a negative impact on global growth, experts warned.
Lower global economic growth could easily lower global oil demand, experts said, adding that the rising glut of supply continues to keep a downward pressure on oil prices.
International benchmark Brent crude was trading at $58.90 per barrel at 0627 GMT on Thursday with a 1.2 percent decline, after it opened at $59.64 a barrel.
American benchmark West Texas Intermediate cost $50.38 a barrel at the same time, posting a 0.4 percent loss, after beginning the day at $50.60 per barrel.
The U.S.' weekly commercial crude oil inventories also increased by more than market expectations, according to the Energy Information Administration (EIA) on Wednesday.
Commercial crude oil stocks in the country rose by 3.6 million barrels, or 0.8 percent, to 450.5 million barrels for the week ending Nov. 23, according to the EIA, compared to market expectations of a 0.8 million barrel increase.
By Ovunc Kutlu