Brent crude fell below $70 a barrel to its lowest level since December 2021 as weak import figures from the US and China stir fears about demand.
Brent crude were down as much as $2.65 to $69.19 on Tuesday, before recovering slightly to $69.86 at 7.30am on Wednesday morning.
An OPEC report said world oil demand will rise by 2.03 million barrels per day (bpd) in 2024, less than last month's forecast of 2.11 million bpd.
The forecast from OPEC remained unchanged until last month, since it was first made last July.
Its 2025 global estimate also weakened from 1.78 million bpd to 1.74 million bpd.
Potential oversupply has, in part, caused the price to slip, but domestic demand in China remained fragile despite exports growing at their fastest level in nearly 18 months has also impacted the price.
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Brent crude oil futures were up 0.97%, trading at $69.86 a barrel.
Companies reporting today