Oil prices have fallen due to renewed oversupply concerns following a rise in US crude stocks.
Increasing oversupply concerns worldwide has resulted in a fall in oil prices by more than 60% since June 2014.
According to the analysts, the Organization of the Petroleum Exporting Countries (OPEC) is not expected to change its decision of keeping output high in order to retain its market share.
Oil traders are keeping a close eye on rising inventories, apart from OPEC meeting.
Data released by the American Petroleum Institute (API) highlighted an increase of 1.6 million-barrel in US crude inventories last week to 489.9 million barrels.
Traders are also watching for the inventory report to be published by the US Government’s Energy Information Administration.
BMI Research stated that the oil and gas sector globally is heavily indebted and upstream companies have about $1.1tn in dollar-denominated corporate bonds and loans.