Oil prices have fallen below $48 a barrel due to strong dollar and a rise in US crude stocks.
Brent crude slipped $1.29 at $47.64, while US crude dropped $1.06 at $47.13 a barrel, Reuters reported.
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Supply disruptions in Canada and Nigeria have boosted oil prices, but firefighters may be able to control Canadian wildfires due to cool weather.
Wildfires in Canada and militant attacks in Nigeria have forced many oil companies to close their facilities which resulted in a decline in production.
Commerzbank analyst Carsten Fritsch told the news agency: "What is more, rain forecast in the Canadian oil province of Alberta is giving rise to hopes that the devastating wildfires there could be brought under control."
The Federal Reserve’s latest policy meeting revived expectations for a rise in interest rate.
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By GlobalDataThis resulted in a stronger dollar, with other currency holders finding it expensive to buy dollar-denominated commodities.
OPEC and non-members including Russia could not reach an agreement at a meeting held on 17 April this year on a proposal to freeze output.
Another meeting has been arranged for 2 June to determine output policy.
