Globally, a sharp rise in coronavirus cases has led to a string of renewed lockdowns, including strict measures in California, Germany and South Korea.
Globally, a sharp rise in coronavirus cases has led to a string of renewed lockdowns, including strict measures in the U.S. state of California as well as Germany and South Korea.
"Adding to the pressure on oil prices is the potential Iranian increase to production in three months. Iran is optimistic the US will ease restrictions if they return back to the 2015 nuclear deal," Moya added.
U.S. President-elect Joe Biden, who will take office on Jan. 20, has said that he would return to the pact and would lift sanctions if Tehran returned to “strict compliance with the nuclear deal”
Low oil prices and the economic slowdown caused by the new coronavirus outbreak are straining the finances of Oman, a relatively small energy producer with debt rated "junk" by all the major rating agencies.
Brent crude oil futures were down 9 cents, or 0.2pc, at $47.33 a barrel by 1012 GMT, while West Texas Intermediate crude was down 11 cents, or 0.3pc, at $44.44.
Brent crude oil futures were down by 41 cents, or 0.9%, at $47.01 a barrel by 0358 GMT, while West Texas Intermediate crude was down by 46 cents, or 1%, at $44.09.
Brent crude was up 54 cents, or 1.1%, at $48.40 a barrel by 0247 GMT, having risen almost 4% in the previous session. West Texas Intermediate crude gained 47 cents, or 1.1%, to $45.38 a barrel, after rising more than 4% on Tuesday.
Brent crude futures rose 3 cents, or 0.1%, to $46.09 a barrel by 0113 GMT, while U.S. West Texas Intermediate crude added 11 cents, or 0.3%, to $43.17 a barrel. Both benchmarks settled up about 2% on Monday after gaining about 5% last week.
Brent crude rose 94 cents to $45.90 a barrel by 0913 GMT while U.S. West Texas Intermediate crude gained 76 cents to $43.18 a barrel. Both benchmarks jumped 5pc last week.
Sentiment was also bolstered by hopes that the Organization of the Petroleum Exporting Countries (OPEC), Russia and other producers, a group known as OPEC+, will keep crude output in check.