Global oil prices recorded a decline for the second consecutive day as investors responded to China's commitments, the world's largest crude oil importer, to shift its economic development model and reduce excess industrial capacity during the current year.

Brent crude futures for next May dropped three cents to USD 82.77 per barrel, while West Texas Intermediate (WTI) crude fell 11 cents to USD 78.63 per barrel, according to Bloomberg. 

The price of Brent crude settled at USD 82.80 per barrel yesterday after dropping 75 cents, while WTI crude closed down USD 1.24 at USD 78.74 per barrel.