US West Texas Intermediate (WTI) crude oil prices struggled to capitalize on a modest bounce overnight from the $69.25 area, which was a two-week low.
It follows a pullback in selling activity during the early Asian session on Wednesday.
At 2.30pm, the commodity was trading at $70.78 per barrel, down 0.26% since it opened today.
Reports of the conflict in the Middle East say that Israel will not act to attack Iran's nuclear and oil sites in order to avoid catastrophic concerns in the supply market.
It also follows a fall in China's oil imports for a fifth straight month raising concerns about weak demand in the world's top importer.
Additionally, OPEC lowered its forecast for global oil demand growth in 2025 and beyond and this confirmed the negative outlook for global crude oil prices.
Elsewhere, the USD stood higher near its highest level since August 8 amid strong expectations for less aggressive policy easing by the Fed at its November meeting.
The strengthening position of the currency is able to affect the demand for commodities in its value denomination which supports the prospect of an extension of the recent fall.
