Oil prices remained on shaky ground on Tuesday after sliding by 3 percent the previous day, pressured by weakness in global stock markets and doubts that planned supply cuts led by producer club OPEC will be enough to rein in oversupply.

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International Brent crude oil futures were at $60.30 per barrel at 0206 GMT, up 33 cents, or 0.6 percent, from their last close.

US West Texas Intermediate (WTI) crude futures CLc1 were at $51.19 per barrel, up 19 cents, or 0.4 percent, from their last settlement.

Crude prices dropped by 3 percent the session before amid ongoing weakness in global stock markets and concerns that slowing oil demand-growth could erode supply cuts announced last week by the Organisation of the Petroleum Exporting Countries (OPEC) and some non-OPEC producers including Russia.

Crude prices are down around a third since early October amid the financial market slump and an emerging oil supply overhang.

“There remains a lot of uncertainty if the production cut is thick enough to make a significant dent in global supply,” said Stephen Innes, head of trading for Asia-Pacific at futures brokerage Oanda in Singapore.

“The general risk-off tone in global markets and the stronger dollar ... are contributing to the selling pressure.”

The OPEC-led group of oil producers last Friday announced a supply cut of 1.2 million barrels per day (bpd) in crude oil supply from January, measured against October 2018 output levels.

First Published:Dec 11, 2018 7:11 AM IST