Oil prices have decreased as crude production in the US rose amid worries about weakening demand, and concern persists over trade.
Brent crude oil futures LCOc1 slipped 44 cents at $60.88 a barrel, while US crude futures CLc1 fell by 53 cents to $51.78 a barrel, Reuters reported.
Crude production in the US neared a record 12 million barrels per day (bpd) this month, leading to a fall in oil prices.
Higher output is fuelling some of the concerns among traders and investors that growth in supply across the globe this year will outpace demand.
The Organization of the Petroleum Exporting Countries (OPEC) and non-members such as Russia and Oman are set to cut production by a joint 1.2 million bpd this year, which is in response to the drop in price in the second half of last year.
Data published by the US Energy Information Administration revealed that since January, US crude production has soared by 2.4 million bpd, with crude and refined products stockpiles increasing sharply.
ANZ Bank was quoted by the news agency as saying in a note: “While (US crude) inventories fell slightly more than expected (last week), there was a large build in gasoline inventories. This stoked fears of weak demand in the US.”
Swiss bank Julius Baer commodity research head Norbert Ruecker said that the US is set to become a petroleum net exporter next year due to rising shale output.