Crude oil prices were down during Monday’s early trading despite the cut to near zero the U.S. Federal Reserve made on its benchmark interest rate during the second emergency meeting it held in a month to support the economy.

International benchmark Brent crude was trading at $32.11 per barrel at 0640 GMT on Monday for a 5.1% decline after it closed Friday at $33.85 a barrel.

American benchmark West Texas Intermediate was trading at $30.91 a barrel at the same time for a 2.6% loss after it ended the previous week at $31.73 per barrel.

The Federal Open Market

Read more: Oil down despite second US Federal Reserve rate cut