The price of Brent crude futures dropped below $58 a barrel today as a result of a stronger US dollar and abundant supplies.
Reuters reported that Brent reduced by 81 cents to $57.72, while US crude was 41 cents lower at $49.59.
The US dollar reached a near 12-year peak against the euro and an eight-year high against the yen.
Saxo Bank senior commodity strategist Ole Hansen was quoted by the news agency as saying, "In order to balance the market we need the supply glut to be brought down, by rising demand or lower supply."
Demand from China slowed in February as the Lunar New Year holiday cut into shipping volumes, Reuters said.
Energy Aspects expects worldwide refinery maintenance to peak, with global offline capacity estimated at 5.7 million barrels per day (bpd) in April.
Meanwhile, Libya is anticipated to export more than two million barrels of crude oil this week from two ports in the east, where production has reached 245,000 bpd.
A report by market data firm Genscape revealed a modest stock build last week at the Cushing, Oklahoma delivery point in the US.
The American Petroleum Institute and the US Department of Energy’s Energy Information Administration are due to unveil their inventory reports.
A survey by Reuters has found that US crude stocks will extend their record build for a ninth week.