The price of Brent crude futures fell below $30 per barrel for the first time in past six trading sessions, as it was trading in the range $30-$37 last week on expectations of large cuts by the OPEC+ group.
As of 15:31 GMT, June futures for Brent crude were trading down 5.36 percent at $30.04 per barrel, touching a six-day low of $29.95 per barrel minutes earlier.
14 April 2020, 02:24 GMT
May futures for WTI crude fell by 5.98 percent to $21.07 per barrel.
Earlier on Tuesday, the International Monetary Fund (IMF) slashed its average oil prices forecast by $22.42 to $35.61 per barrel for this year and by $20.16 to $37.87 per barrel for next year.
At the same time, traders doubt that OPEC+ efforts to reduce crude production will be sufficient, and fears about the market balance persist.
