West Texas Intermediate futures for February delivery fell to $37.22 (-1.72%), while Brent crude declined to $37.47 (-0.85%) amid supply glut concerns after posting substantial gains in the previous session.

The Energy Information Administration will release its U.S. crude oil inventories data later today. Analysts expect to see a decline. Nevertheless Bloomberg News said that supplies would still be over 120 million barrels above the five-year average for this season.