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Today oil prices hovered around 12-week highs at more than $31 per barrel, just one day before OPEC is expected to keep production at current levels.
Analysts said the selloff through key support levels was also being aided by comments from an OPEC official that the group is likely to keep production at current levels when it meets next week.
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Saudi Arabia is pushing on a string to maintain production at current levels.
Independent experts estimate that PDVSA must find reserves equivalent to 800,000 barrels per day to maintain production at current levels.
Other members, such as Iran, Venezuela and Indonesia, wanted to keep production at its current level, arguing that demand will soon ease, as the northern hemisphere's winter ends.
Members of the world's 12 largest oil producing nations agreed to keep oil production at current levels.
To keep production at today's levels requires ever more investment.
That means that oil firms have to find lots of new fields just to keep production at today's levels.
President Trump made his position clear on Wednesday when he tweeted that he hopes OPEC keeps oil production at current levels.
Keep production at a decent stage.
Large dairy producers who have not entered the program may decide to increase the size of their herds and maintain national production at current levels.
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