Brent crude dropped back below US$55 as attentions remained fixed on oversupply.
Despite the oversupply, OPEC has no choice over than maintain production volumes, according to Kuwait’s oil minister.
The minister said OPEC does not want to lose market shares.
In London trading Brent crude fell 2.6% to US$54.45 while West Texas Intermediary futures were down 3.5% at US$43 per barrel.
It comes after stats from the US Department of Energy increased by 9.6mln barrels - more than expected - to 458.5mln barrels of crude.
This US supply glut overshadowed the potential positives from the Federal Reserve’s indications that future interest rate rises would not be sharp.