The price of Brent crude declined below $83 amid concerns of a stronger US dollar.
Reuters reported that the price of Brent crude dropped 58 cents to $82.28 a barrel, while US crude eased 25 cents to $77.66 a barrel.
Analysts said that the potential upbeat data on US non-farm payrolls for October may provide the much needed increase in oil demand.
Ayers Alliance chief investment officer Jonathan Barratt was quoted by Reuters as saying: "The market is assessing itself ahead of non-farm payrolls. More people employed means more oil demand."
Oil prices inched slightly higher on Wednesday with US crude increasing about 2% following the Energy Information Administration’s data that US crude inventories rose 460,000 barrels in the week to 31 October.
The potential for an agreement between Iran and world powers on its nuclear programme has also impacted oil prices.
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 Organization of the Petroleum Exporting Countries (OPEC) is due to meet later this month in Vienna, Austria to discuss its oil production targets for 2015.
Libya plans to reopen the southern El Sharara oilfield soon following a recent attack by gunmen, which led to a temporary shutdown of the facility. The attack lead to a fall in production of about 200,000 barrels a day.