Brent crude oil prices fell to a three-week low on Wednesday on news that Libyan output was recovering from a technical issue at an oilfield, fueling concerns that OPEC-led output cuts on reducing global inventories were being undermined by producers outside the deal.
Global benchmark Brent crude futures were down $1.53, or 3 percent, at $50.31 a barrel by 2:26 p.m. ET (1826 GMT), after earlier falling by as much as 4 percent to below $50. U.S. West Texas Intermediate crude futures ended Wednesday's trade at $48.32, down $1.34, or 2.7 percent.
Both contracts posted their third straight monthly loss.
"Unless some bullish news stops this, prices will fall further in particular now with Brent trading below the post-OPEC low," said Carsten Fritsch, commodity analyst at Commerzbank.