Oil prices reversed its upward trend to edge lower on Wednesday. U.S. West Texas Intermediate (WTI) crude futures fell 27 cents, or 1.1%, to $24.29 a barrel by 0436 GMT.
Brent crude futures dipped 20 cents, or 0.7%, to $30.77 a barrel.
On April 12, OPEC, Russia and other oil producing nations agreed to reduce output by 9.7 million barrels per day (bpd) for two months, Argaam reported. Major oil producers, including Saudi Arabia and Russia, were set to begin cutting production on May 1.
OPEC said it would ease output cuts between July and December by 2 million bpd and by further 2 million bpd between January 2021 and April 2022.