Brent crude traded at around $16 per barrel on Wednesday as weak oil demand and rising oversupply in the world continues to keep firm pressure on prices.

The price of the international benchmark was trading at $16.73 per barrel at 0620 GMT for a 12.1% decline after closing Tuesday at $19.03 a barrel.

American benchmark West Texas Intermediate (WTI) was at $7.37 a barrel at the same time for a 7.64% loss after ending the previous day at $7.98 per barrel.

Due to coronavirus-related low demand and the rising glut of supply, oil storage levels are mounting and available

Read more: Brent oil at $16 a barrel with oversupply, weak demand