Brent crude futures lost 21 cents, or 0.3pc, to $62.53 a barrel by 11:15 a.m. EDT (1515 GMT) while U.S. West Texas Intermediate crude fell 25 cents, or 0.4pc, to $59.08.
In addition, Saudi Arabia has volunteered to cut its own output by one million barrels per day (bpd) to help avoid oversupplying a market suffering from a collapse in demand due to the coronavirus pandemic.