Prices are sustainable and not just driven by speculative gains

Oil prices have already fallen over 70 per cent since the downturn began in mid-2014.

Oil prices dipped on Wednesday as the market prepared for a gradual increase of Iranian exports into an already oversupplied market from 2016.

oil market remained under pressure and big gains are unlikely.

US crude was down 25 cents at $52.08.

Rising production from OPEC as well as the US also weighing on prices

Oil prices continued their rout on Tuesday with Brent crude and U.S. WTI both falling to their lowest in almost six years as a big OPEC producer stood by the group's decision not to cut output to tackle a glut in the market.