Oil prices remained under pressure on Tuesday after slipping earlier in the week and recovering on Monday afternoon.
A barrel (159 liters) of North Sea Brent recently cost $94.14, around 1 percent less than the previous evening and $3.20 less than Monday morning.
More than $100 a barrel had been paid on Friday.
The price for a barrel of the US West Texas Intermediate (WTI) variety hit its lowest level since mid-March at $88.50 after around $92 was paid for it on Friday.
Less demand, more supply
The prospect of an increase in supply coupled with lower demand is putting pressure on prices.
In addition, weak economic data from China and the very sharp drop in sentiment in industrial companies in the state of New York had fueled concerns that global economic growth could slow down.
Surprisingly, retail sales growth slowed in July compared to a year earlier.
Chinese industrial production also unexpectedly lost momentum.
A rate cut by the Chinese central bank is considered insufficient.
Crude oil supply could rise if the Iran nuclear deal is revived and sanctions on Tehran are lifted.
The EU foreign policy chief Josep Borrell recently emphasized that the text for the agreement is already in place.
According to Iran's Foreign Minister Hussein Amirabdollahian, there are still points that need to be discussed.
In addition, Libya is already producing more oil.
Russian oil sold at dumping prices is also generally putting pressure on prices.
In addition, the head of the world's largest oil exporter Saudi Aramco said the Saudi Arabian oil company could increase crude oil production to its maximum capacity of 12 million barrels a day if the government in Riyadh demands it.
The market situation has also clouded over.
The spread between the price of Brent oil for immediate and delayed delivery (prompt spread) has narrowed to just 72 cents from $2.08 at the start of the month.
Higher spot prices are considered an indication of rising prices, because it is worth keeping in stock.
Oil demand is weakening as prices put off both consumers and domestic logistics companies, said Heron Lin, an economist at Moody's Analytics.
Demand could remain under pressure for the rest of the year as well, as the looming corona restrictions encouraged precautionary savings and reduced oil consumption.