Oil continued to slide from the previous session on Monday in Asia as producers continue to grapple with a supply glut.

International Brent oil futures dropped 1% to $27.80 by 10:17 PM ET (3:17 AM GMT) and WTI futures slid 5.03% to $23.77 as the May futures contract expires on Tuesday.

Investors remain unconvinced that OPEC+’s cut of nearly 10 million barrels agreed to in early April will ease oversupply as countries continue to extend lockdowns imposed to prevent the spread of the COVID-19 pandemic and economies contract.

“The current prices show that the OPEC+ cuts proved to be a blip, with oil prices at the mercy of the virus once again,” Vandana Hari, founder of Vanda Insights, told Bloomberg. “Until we approach a lifting of the lockdowns in the U.S., the oil may drift lower or remain rangebound around current levels.”