After becoming the new President of United States, Donald Trump last week formally withdrew his country out of the Trans-Pacific Partnership.
US West Texas Intermediate (WTI) futures were at $52.41 a barrel, down 22 cents from their previous settlement, and WTI is down almost 3 percent since its January peak.
"Crude oil prices continued to struggle as traders remained concerned about increasing drilling activity in the U.S.," ANZ bank said on Tuesday.
The Organization of the Petroleum Exporting Countries and other producers, including Russia, agreed to cut output by almost 1.8 million barrels per day (bpd) in the first half of 2017 to relieve a two-year supply overhang.
The jump defies a Chinese government crackdown on corruption that has cooled flashy spending there.
Brent crude futures, the international benchmark for oil prices, were trading at $55.59 per barrel at 0313 GMT, up 51 cents, or 0.93 per cent, from their last close.
Of eight oil-dependent states tracked by S&P, only two, Montana and Texas, did not rank among the 10 weakest state economies, according to the report.
Saudi Arabia's oil output is likely to drop to around 9.9 million bpd in January, according to industry sources and shipping data.
Stating that transparency across the value chain is necessary for gold to be mainstream, WGC said gold trade will become more transparent with introduction of GST.
The metal for delivery in February contracts moved down by 95 paise, or 0.59 per cent to Rs 158.80 per kg in 12 lots.
For the whole of 2016, China's LNG imports rose 32.8 percent to 26.06 million tonnes.
Crude inventories rose 2.3 million barrels in the week to Jan. 13, compared with analyst expectations for an increase of 342,000 barrels.