Brent crude oil was trading below the $30 per barrel mark on Wednesday having seen a massive 6% decline during the previous session as the novel coronavirus (COVID-19) continues to keep global oil demand low while raising the supply glut.

The international benchmark was trading at $29.41 per barrel at 0630 GMT on Wednesday for a 0.64% decline after it closed Tuesday at $29.60 a barrel with a 6.74% daily loss.

American benchmark West Texas Intermediate (WTI) was at $20.18 a barrel at the same time for a slight 0.34% gain after it ended the previous day at $20.11

Read more: Brent oil trading below $30, after 6% drop on Tuesday