Rising output from Saudi Arabia and other Opec members, amid the China slowdown, may reverse the rebound in oil prices.
While Opec members led by Saudi Arabia are boosting production, Libya output is also recovering.
Front-month Brent crude futures were down 15 cents since their last settlement to $63.83 per barrel.
Saudi Arabia leads surge in Opec crude oil output in March.
UKOG said April 9 the Horse Hill discovery had world class potential but has now clarified the its estimation.
Islands referred to as Malvinas in Argentina thought to be rich in resources.
IEA chief economist Fatih Birol says lifting of sanctions on Tehran to have a limited impact on global oil prices.
Libya's biggest oil port Es Sider may reopen in a week adding to an oversupplied market.
India's gold imports more than doubled to 125 tonnes in March, from 60 tonnes in the same period a year ago.
RBS's India diamond and jewellery financing loan book stands at about £491m.
Over a dozen energy firms buy hedges from lenders, including JPMorgan, Wells Fargo, Citigroup and the Bank of America.
Up to 100 billion barrels discovered but only 3% would be extractable says UKOG.
Brent crude price, the global benchmark, is down 1.42% at $58.26 per barrel as at 12.30am ET.
Market analysts are declaring the cartel dead or at least ineffective since it refused to cut output amid a supply glut.
Negotiations with Iran could be bearish for oil prices over the next 18 months, according to BofA's Francisco Blanch.