It was reported that oil prices remained stable throughout the Asian trading session yesterday as many investors waited for news on mixed supplies.
The OPEC+ association is also discussing production cuts and US crude oil stocks are forecast to rise significantly.
Brent crude fell 3 cents (0.04%) to $82.45 a barrel and U.S. crude West Texas Intermediate also fell 1 cent (0.01%) to $77.76 a barrel.
Both have fallen for four straight weeks and their prices continued to fall last week amid growing concerns about demand. Investors remain cautious ahead of the OPEC+ meeting scheduled for this Sunday.
They will also discuss deeper supply cuts due to slower global economic growth.
Last Monday, OPEC+ reported a 2% increase in both contracts due to their decision to consider additional oil supply cuts at their November 26 meeting.
According to ANZ Analysis, they predict OPEC+ will extend or deepen oil supply cuts until 2024. Saudi Arabia and Russia are likely to extend the cuts voluntarily.
US crude oil supplies rose by 9.1 million barrels in mid-November. Meanwhile, gasoline and distillate inventories fell by 1.79 million and 3.5 million barrels, respectively, based on US government data on stockpiles to be released on Wednesday.
