Crude oil futures extended their decline on Wednesday, amid renewed doubts over OPEC's supply quota plan. The global supply glut is expected to linger due to robust U.S. production and as certain outliers like Libya and Nigeria ramp up following recent interruptions. Libya's National Oil Corporation had said on Monday that oil production is expected to rise to 800,000 barrels per day (bpd) this week. Iran is also allowed to retain the right to increase production to the same reference level, around 3.797 million barrels a day, agreed in November last year.

Benchmark crude oil futures for July delivery declined by $1.34 or 2.7 percent to $48.32 on the New York Mercantile Exchange. In London, Brent crude for July delivery ended lower by 2.03 percent to $51.16 on the ICE.

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