Brent oil price dived below $30 per barrel on Tuesday with rising oversupply in the global market due to low oil consumption around the world.

Price of the international benchmark hit $29.85 a barrel at 1548GMT for a daily loss of 5.95% after closing Monday at $31.74 per barrel.

American benchmark West Texas Intermediate (WTI) was at $21.07 per barrel at the same time for a 6% decline after ending the previous day at $22.41 a barrel.

The novel coronavirus continues to weaken economic activities and oil demand around the world, which increases the glut of oil supply since

Read more: Brent oil dives below $30 a barrel with oversupply