Oil prices remained weak on Wednesday staying below US$40 a barrel bringing the total losses to over 5 percent in a week as worries of an oversupply and US dollar weakness surrounded the market.

At 8.49am (GMT) U.S. West Texas Intermediate crude was trading at US$39.44 a barrel while Brent crude was trading at US$41.67.

Over the last week the fall of the US dollar against a basket of major currencies has been attributed to the drop in the oil price as it makes the commodity cheaper for holders of other currencies.

There is also news that some smaller drillers from the US are returning to the oil fields which is expected to add more pressure to the oil price.

Libya is also planning to ramp up production which may see oil come under further downward pressure in the nearest future.

"In the last 72 hours, there have been reports of successful negotiations to re-open blockaded oil terminals in Eastern Libya and U.S. airstrikes against Daesh (ISIS) in Sirte. These increase the chances of a production ramp near-term, from 300,000 barrels per day to 600,000 bpd," Noted analysts from Morgan stanley. "longer-term production growth still looks challenging." they added.