Oil prices continued to fall on Wednesday, after falling 7 per cent in the previous session, as oversupply and demand slumped investors' reluctance.
By 0600 GMT, US WTI crude futures were down 43 cents, or 0.8 percent, to $ 55.26 a barrel, compared to the previous settlement.
Brent crude futures fell 36 cents, or 0.6 percent, to $ 65.11 a barrel.
Crude oil has lost more than a quarter of its value since early October, one of the biggest declines since the 2014 price crash.
Oil markets face pressures from both sides - oversupply and increased fears of an economic slowdown.
The US Energy Information Administration (EIA) said Tuesday that US production from seven major rocky oil basins is expected to record a record high of 7.94 million bpd in December.
Rising US production is contributing to an increase in inventories. The Organization of the Petroleum Exporting Countries (OPEC) is watching the supply jump and prices fall with concern.
OPEC has increasingly issued repeated statements that it will begin curbing crude production in 2019, to balance supply and demand and push prices higher.
