Oil prices have further extended their losses, due to growing signs of weakening demand from consumers and the global economic slowdown.
Share price falls on Wall Street and a record decline in Japanese exports have heightened economic worries.
US light, sweet crude for February delivery slipped 23 cents to $39.68 a barrel in Singapore, after falling 6% on Monday.
Brent crude oil fell 10 cents to $41.35 a barrel.
Among the latest government economic stimulus measures, China cut its interest rates on Monday for the fifth time in four months amid mounting anxiety about spreading job losses and worker protests.
Surging demand from China and other emerging nations had sent oil prices to record highs of $147 a barrel in July, before the economic crisis began to slow demand.
Now, however, even in China oil demand is falling, shrinking for the first time in three years in November.
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