Oil prices pared early losses on Wednesday but remained under pressure after the World Bank cut its economic growth forecast, doing little to end a rout that saw prices touch their lowest in nearly six years in the previous session, according to Reuters.

Oil and other commodities came under strain after the weaker outlook from the Washington-based financial institution reinforced worries about a gloomy economic outlook at a time when oil markets are plagued by oversupply.

“We have quite bearish oil supply fundamentals, while there is still a slowdown in global oil demand growth”, said Myrto Sokou, senior research analyst at Sucden Financial. “We are all of us just waiting to see where the bottom is.”

February Brent crude inched 12 cents higher to 46.71 dollars a barrel by 11:52 GMT, while West Texas Intermediate crude for February fell 6 cents to 45.83 dollars.

Oil prices that have fallen by about 60 percent since June are wreaking havoc on economies that depend on commodities, with Russian Finance Minister Anton Siluanov calling on Wednesday for a 10% spending cut on everything but defense.

At the same time, Europe is on shaky ground despite the European Central Bank’s bond-buying stimulus plan.

“The global economy is running on a single engine … the American one”, the World Bank’s chief economist, Kaushik Basu, said. “This does not make for a rosy outlook for the world.”

Analysts said prices would remain under pressure from oversupply, prompting cuts to price forecasts for 2015 and 2016.