Amidst worries over whether the OPEC led cuts would be successful in containing the oversupply situation, prices have continued to fall as stockpiles continue to be at the brim of storages around the world.

Brent crude futures were down 7 cents or 0.2 percent from yesterday at $46.93 per barrel at 0053 GMT, after slumping nearly 4 percent in the previous session.

U.S. West Texas Intermediate (WTI) crude futures were down 12 cents or 0.3 percent from yesterday at $44.61 per barrel.

The crude futures benchmarks are on an 8-month low since the OPEC led cuts were announced.

Brent and WTI are down over 12 percent since their opens on May 25, when the agreement to cut was extended to the end of the first quarter next year, instead of expiring this month as initially planned.

OPEC's pledge was to cut some 1.2 million bpd, while other producers including Russia would bring the total reduction to almost 1.8 million bpd.

However, some OPEC members including Nigeria and Libya have been exempt from cutting, and their rising output undermines efforts led by Saudi Arabia.

Meanwhile, production in the United States – which is not participating in the deal – has jumped by more than 10 percent over the past year to 9.33 million bpd.

The International Energy Agency (IEA) said this week that oil supplies next year would still outpace demand despite consumption hitting 100 million bpd for the first time.