Brent crude futures traded below $72 a barrel on Wednesday, amid lower demand concerns.

Meanwhile, about 79% of US Gulf production remained offline on Tuesday, with 79 production platforms still unoccupied, according to source.

In addition, worries about rising COVID-19 cases in Asia prompted Saudi Aramco to reduce October official selling prices for all crude grades sold to the region, its biggest buying region, by at least $1 a barrel. Meanwhile, strong Chinese trade data and US output outages capped losses.

Brent Crude oil is a major benchmark price for purchases of oil worldwide. While Brent Crude oil is sourced from the North Sea the oil production coming from Europe, Africa and the Middle East flowing West tends to be priced relative to this oil.