Brent crude futures traded at $55.59 a barrel and West Texas Intermediate futures was around $52.22 a barrel.
Crude Oil prices dropped deeper at the second trading session of the week, following a new strain of COVID-19 virus.
Brent crude dropped about 3.20% to trade at $50.59 and WTI futures sank by 3.09% to $47.72.
Brent crude futures prices were down by 0.3%, trading at $48.10/barrel after initially gaining 1.8%.
Crude oil plunged, largely due to growing concerns amongst oil traders on what the outcome of the OPEC+ meeting will be.
Brent crude futures were up 1.1% and priced at $43.21 a barrel and West Texas Intermediate crude was priced at $40.66 a barrel, up by1.32%.
Brent crude prices dropped over 1% trading at $40.68/barrel, while West Texas Intermediate also dropped over 1% to trade at $38.63.
Crude oil prices rallied higher with the bias that OPEC+ is likely to extend its oil production cut.
The U.S oil-based contract, the major indicator used for U.S. crude prices, sold at 35.79 per barrel.
Crude prices printed their third weekly loss in four at the end of its most recent trading session.
