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.
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.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below formBy GlobalData
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.