Oil has fallen in price to 13-month lows on expectations that the deepening economic slowdown will weaken demand further.
US crude fell $US3.00 a barrel to $US75.63 by 1:55pm EDT (1755 GMT) on Wednesday, after sliding to $US74.57 - the lowest since September 2007.
This is down almost 50% since hitting $US147.27 on 11 July.
London Brent crude traded down $US2.92 to $US71.61 a barrel.
The Organization of the Petroleum Exporting Countries has called an emergency meeting in Vienna in November to assess the global financial crisis' effect on the oil market.
Weekly US oil inventory data is due on Thursday for indications.