Oil futures benchmarks ended at fresh multi-year lows on Wednesday, edging lower amid a broad U.S. equity market sell off that sent investors to the perceived safety of government bonds. On the New York Mercantile Exchange, light, sweet crude futures for delivery in November declined six cents, or 0.1%, to settle at $81.78 a barrel. That was New York-traded oil’s lowest settlement since June 28, 2012. Prices have tumbled 4.7% over the last three sessions. November Brent crude on London’s ICE Futures exchange fell $1.26, or 1.5%, to end at $83.78 a barrel. That was Brent’s lowest finish since Nov. 23, 2010. Prices of both benchmarks seesawed between small losses and gains during the session. The picture is unlikely to become clearer, with the rock-bottom levels attracting some bargain hunters but fears of a supply glut and diminished demand keeping a lid on prices. “We are going to be this way for a little while, at least until we hear something more from [the Organization of the Petroleum Exporting Countries,]” said Matt Smith, an analyst with Schneider Electric.

Oil markets have posted a string of lows recently on concerns about lackluster global consumption and plentiful output. On Tuesday, the International Energy Agency cut its forecast for oil demand growth to its weakest in five years. Key OPEC member countries, such as Saudi Arabia and more recently Kuwait, have said they have discounted their oil and don’t plan on cutting production, looking to preserve market share rather than stabilize oil prices. By keeping prices low now and production levels unchanged, the cartel may be hoping to discourage higher-cost production from places such as the U.S., achieve higher prices eventually, and preserve demand for its oil, Smith added.

Later Wednesday, the American Petroleum Institute will publish its weekly survey on U.S. oil stockpiles, a day later due to Monday’s Columbus Day holiday. The more closely watched inventory data from the U.S. Energy Information Administration is due on Thursday, also a day later. Analysts expect stocks to rise.