Oil prices have fallen following an increase in US crude stocks.

Brent crude for December slipped 40 cents at $48.31 a barrel, while the US crude futures for December delivery dropped 65 cents to $45.64 a barrel, Reuters reported.

Data published by the American Petroleum Institute on Tuesday revealed a 7.1 million barrels increase in US commercial crude stocks to 473 million barrels in the week to 16 October.

"The downward curve of oil could continue, with no sign of supply and demand changing any time soon."

Over the last year, increasing supply from major producing countries globally, along with slowing demand from high-consuming emerging nations has reduced the price of oil by half.

According to analysts, the downward curve of oil could continue with no sign of supply and demand changing any time soon.

Investors are watching for official oil inventory figures to be released by the US Energy Information Administration later today.

The EIA is expected to report an increase in crude stocks for a fourth straight week, as anticipated by a Reuters poll of analysts.

This week. oil experts from the Organization of the Petroleum Exporting Countries (OPEC) and non-OPEC nations are set to meet in Vienna, but may not reach an agreement to curb the oversupply.