Brent crude was at $56.26 a barrel by 0926 GMT, down 36 cents. Prices dropped by more than a $1 earlier in the session to $55.42, the lowest since January 2019.
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Asia's biggest refiner Sinopec has said it will cut throughput at its plants by 600,000 barrels per day (bpd) in February, although it is unclear how long the production cuts will last.
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Gross domestic product in the 19 countries sharing the euro rose 0.1% quarter-on-quarter for a 1.0% year-on-year gain, according to Eurostat, the European Union's statistics office.
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Volkswagen floated an 11.5% stake in Traton last June. The subsidiary's shares have trended down from the 27 euro offering price and are trading at 23.23 euros.
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Lexus India also announces local assembly of its select portfolio
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Built on the new Premium Transverse Architecture, the New Range Rover Evoque comes packed with the latest advanced driver assistance features.
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Amaze is Honda’s first BS-6 compliant diesel model in India
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The Lamborghini Huracán EVO RWD price starts from INR 3.22 Cr (Ex-Showroom) PAN India.
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