Oil prices on Wednesday clawed back some of the previous day's more than 6 percent plunge, lifted by a report of an unexpected decline in USA commercial crude inventories as well as record Indian crude imports.
Oil prices are nearly a quarter below their recent peaks in early October, weighed down by surging supply, especially from the US.
In turn, the price of oil WTI for January delivery in electronic trading on the NY Mercantile exchange (NYMEX) fell $0.29 to (0,51%) - to $from 56.91 per barrel.
Oil fell on Tuesday, folding under the weight of a broad stock market sell-off that undercut support to prices earlier in the day from expectations that OPEC will introduce new output curbs.
Other factors weighing on oil prices were anxiety over whether the oil cartel will agree at its December 6 meeting to cut production and the high number of exemptions being granted to the US sanctions on Iran.
Traders are betting that demand for oil will be weaker next year than previously expected, because growth will be lower as a trade war between the U.S. and China takes its toll.
Crude markers in NY and London have both fallen more than 20 percent from their October highs on concerns over a supply glut after the US granted waivers to some countries to buy Iranian oil despite sanctions.
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Brent crude in London fell by $0.46 and the price of WTI in NY fell $0,29.
Prices are being pressured by concerns over rising production and falling demand.
But the White House issued waivers to eight of Iran's biggest customers, handing back a large portion of those gains.
Oil prices are around a quarter below their recent peaks in early October, weighed down by surging supply, especially from the United States, as well as a slowdown in global trade.
"If the Saudis weren't going to cut production, they certainly are now after the price that happened today", said Anthony Grisanti, founder and president of GRZ Energy told "Futures Now" on Tuesday.
Oil prices have been rising steadily since May after the USA announced its decision to exit the Iran nuclear deal and re-impose tighter sanctions on Tehran's oil exports. OPEC and other nations agreed to hike output in June based in part on Trump's vows to strictly enforce the sanctions. The global benchmark crude traded at a US$9.10 premium to WTI.
The OPEC is expected to discuss production cuts when it meets on December 6. Natural gas futures have surged about 40 percent over the last month on colder-than-average weather.