The West Texas Intermediate for June delivery fell 0.44 U.S. dollar to settle at 12.34 dollars a barrel on the New York Mercantile Exchange, while Brent crude for June delivery rose 0.47 dollar to close at 20.46 dollars a barrel on the London ICE Futures Exchange.
The market movement came after a noticeable sell-off in the previous session with the U.S. oil benchmark down nearly 25 percent at the settlement.
A massive oversupply and fears of insufficient storage capacities were among the major reasons for the recent dramatic slumps on the oil markets, Eugen Weinberg, energy analyst at Commerzbank Research, said in a note on Tuesday.
Global oil demand is expected to fall by a record 9.3 million barrels per day year-on-year in 2020, the International Energy Agency warned in its closely-watched monthly report.
The Organization of the Petroleum Exporting Countries and its allies led by Russia, a group known as OPEC+, agreed to reduce output by 9.7 million barrels per day for May and June.
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