Crude oil prices came under pressure in the first two trading days of the week.
The stalling of the economic recovery in Europe could cap gains, but prices could be supported if OPEC decides not to ramp up production.
Oil prices rose on Tuesday as analysts took the view renewed lockdown restrictions would have only a limited impact on fuel demand, partly reversing a steep drop in prices the previous day. Markets were nervous about fuel demand in countries such as Britain, where the government will tell people to work from home again and will impose new curbs on pubs, bars and restaurants. "As any new restrictions will likely be more localised, the oil demand recovery should still continue, although at a slower pace with the easiest demand gains behind us," UBS oil analyst Giovanni Staunovo said.