International Brent crude oil futures LCOc1 were trading at $44.81 at 01:48 GMT, down 6 cents from their previous close. U.S. West Texas Intermediate (WTI) crude CLc1 were at $42.87, down 5 cents, as reported by Reuters.

Brent hit $44.14 the previous day, the lowest since May, and the contract has shed over 15% in value since peaking in June as a refined product glut as well as slowing economic growth dent the demand outlook for crude oil.

Analysts said they expected more price declines in the short-term as oversupply continued while demand growth stutters.

Read alsoWeaker dollar lifts oil prices, but mood remains bearish – Reuters"My view is that oil prices will find a low between $39 and $42 per barrel over the coming weeks due to headwinds," said Ric Spooner, chief market analyst at CMC Markets in Sydney, Australia.

"After that, however, we are coming closer to seeing a balanced market again," he added, saying that $50-60 per barrel would represent such a supply and demand balance.

Oil markets have been dogged by oversupply in the last two years, which pulled down prices by as much as 70% between 2014 and early 2016, when Brent hit a more than a decade low of around $27 per barrel.