Oil prices have fallen towards $33 a barrel after expectations faded over a deal between OPEC and Russia on output cuts.

Brent for April delivery fell 53 cents to $33.71 a barrel, while the front-month contract for West Texas Intermediate (WTI) dropped 61 cents at $31.01, Reuters reported.

Russian Energy Minister Alexander Novak and Venezuelan Oil Minister Eulogio Del Pino discussed the chances of holding consultations between Organization of the Petroleum Exporting Countries (OPEC) and non-OPEC countries soon.

"Eulogio Del Pino is trying to convince Russia and Saudi Arabia to agree on production cuts amid a global oversupply."

Eulogio Del Pino is trying to convince Russia and Saudi Arabia to agree on production cuts amid a global oversupply that pushed oil prices down more than 30% in 2015, Bloomberg reported.

Goldman Sachs said that the OPEC may not cooperate with Russia to cut output.

Data released by Energy Ministry revealed that Russia’s oil output in January 2016 increased to 10.88 million barrels per day (bpd) from 10.83 million bpd in December 2015.

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A survey carried out by Reuters found that that commercial crude oil inventories in the US last week increased by 4.7 million barrels to 499.6 million barrels.

Investors are watching for weekly inventory report to be released by the American Petroleum Institute and data from the Energy Information Administration, which is due tomorrow.