Brent crude was down 33 cents, or 0.8%, at $42.82 a barrel by 0645 GMT, while US crude was down 38 cents, or 0.9%, to $40.73 a barrel.
Anglo-Dutch energy major Shell said Wednesday it will axe 7,000-9,000 jobs by the end of 2022 in a major overhaul to combat plunging oil prices driven by the coronavirus pandemic.
Brent crude for November delivery dropped 40 cents, or 1%, to $40.63 per barrel by 06:35 GMT. West Texas Intermediate fell 32 cents, or 0.8%, to $38.97.
The country is home to the world's biggest oil reserves but has seen its economy shrink by more than half under Maduro, the political heir to leftist firebrand Hugo Chavez who died in 2013.
Brent crude dipped 8 cents, or 0.2%, to $43.26 a barrel by 0403 GMT, while U.S. West Texas Intermediate (WTI) crude dropped to $41.22 a barrel, down 7 cents, or 0.2%.
The Abu Dhabi National Oil Company (Adnoc), announced on Monday its agreement to the transfer of rights in its Lower Zakum and Umm Shaif and Nasr offshore concessions from the China National Petroleum Corporation,
Brent crude futures rose 59 cents, or 1.4%, to $43.81 a barrel by 1216 GMT. U.S. West Texas Intermediate crude futures gained 47 cents, or 1.2%, to $41.51 a barrel.
Brent crude futures were down 35 cents, or 0.8%, at $42.79 a barrel as of 0633 GMT, and U.S. West Texas Intermediate (WTI) crude futures fell 35 cents, or 0.9%, to $40.30 a barrel.
Brent crude was down 1 cent at $43.30 a barrel by 0807 GMT, while US West Texas Intermediate (WTI) crude up 1 cent at $41.08.