Crude oil futures have been under pressure due to worries over a global oversupply.

Brent dropped 15 cents to $48.64, while the US crude futures were trading at $46.17 per barrel, up 3 cents, Reuters reported.

The news agency quoted ANZ as saying: "Crude continues to remain under pressure due to emerging supply-side news and slowing Chinese demand. Russian oil output broke a post-Soviet record in October for the fourth time this year. News from Iran is also painting a negative picture."

"Crude continues to remain under pressure due to emerging supply-side news and slowing Chinese demand."

Gulf oil producers on the other hand anticipate ongoing low oil prices in 2016 and are planning to keep production high and minimise costs. It may delay some field maintenance until that period.

According to Goldman Sachs, production in the US may fall by 35,000 barrels per day in 2016.

A Reuters poll found that crude oil stockpiles in the US last week are set to have increased by 2.7 million barrels as supply exceeds demand.

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Investors are keenly watching for the preliminary inventory data to be released by the American Petroleum Institute (API) on Tuesday.

Simultaneously, traders are keeping an eye on US monetary policy as an increase in American interest rates is expected to strengthen dollar against other currencies, reported the news agency.