Oil prices fell by more than 1 percent on Wednesday due to fears that the trade war between China and the United States could lead to a global economic slowdown.
Brent crude futures slipped 2.24 percent to a low of $68.44 a barrel, as of 10:16 GMT, compared to the previous closing price at $70.15, on track for its first daily tumble in four sessions.
Some analysts believe that Brent prices will resume their retreat amid selling pressure after hitting a peak of $75.60 on April 24.
The futures contracts of the western Texas crude have registered $57.77 a barrel, down by 2.33 percent compared to the previous settlement price, which was $58.45 a barrel.
Prices were hit hard today on investors concerns regarding the potential impact of the trade war on global demand on energy products.
However, the relative lack of oil supply under Organization of Petroleum Exporting Countries production cuts and political tensions in the Middle East have given oil prices some support.
Eyes will focus on weekly US crude inventories data, which was delayed by one day due to Monday's holiday. The US Oil Institute will issue its figures late Wednesday, while the government Energy Information Management report is scheduled to be released on Thursday morning.
OPEC and some of its allies, including Russia, are scheduled to meet in late June or early July to discuss future production policy.
Russian First Deputy Prime Minister Anton Selanov said on Wednesday that his country would study the possibility of extending its agreement with OPEC to reduce oil production.
The dollar index, which measures the greenback versus six major currencies, rose about 0.07 percent to 97.917 dollar, as of 9:28 GMT,
The dollar is on track for the fourth
consecutive month of gains, gaining benefits from flows away from markets like
Asia that are at risk due to the trade war between United States and China.