Oil prices fell today on renewed concerns over weak demand and an oversupplied market, traders said.
Around 1300 GMT, the US benchmark West Texas Intermediate (WTI) for delivery in April was down nine cents at USD 32.06 a barrel.
Brent North Sea crude for April delivery lost 18 cents to USD 34.23 a barrel compared with yesterday's clos.
Prices had won support yesterday as traders looked past an increase in US commercial crude inventories to a record high to instead focus on data showing a fall in gasoline stockpiles in the world's biggest economy.
Today, attention once more returned to the unlikely prospect of supply cuts from leading producers, notably members of the Organization of Petroleum Exporting Countries.
Oil prices have fallen some 70 per cent from a mid-2014 high over concerns of a lasting surplus of supplies, at a time when growth in top consumers like China is slowing.
Hopes that OPEC might trim production were dashed on Tuesday when Saudi Oil Minister Ali al-Naimi said members were instead planning to maintain output at January's high levels.
Iran, which is ramping up production after nuclear-linked Western economic sanctions were lifted, has meanwhile reacted coldly to the freeze proposal.
