Oil prices have remained largely stable as investors are eyeing the meeting to be held by the participants of the oil curb deal at the end of the month to discuss the ongoing policy.
OPEC member nations along will key non-OPEC countries led by Russia have restricted output since the beginning of this year to end the global supply overhang and improve falling oil prices.
The deal is set to end in March next year, but participants are expected to agree to an extension during the meeting, as inventories continue to remain high.
However, some of the members are expected to oppose the extension.
Due to uncertainty in the oil market, most of the traders are reluctant to take new positions.
The number of rigs drilling for new oil production in the US remained unchanged at 738 in the week ending 17 November, reported oil services firm, Baker Hughes.
In another development, OPEC and other industry sources told the news agency that key petroleum producer Venezuela is struggling to raise necessary funds to maintain oil production.
As the country’s oil production is set to hit a 28-year low in the last month, other members of OPEC and heavy oil producers have increased output to fill the gap.
According to the OPEC report, Venezuela’s oil production has been declining by nearly 20,000bpd a month since last year due to the US sanctions and lack of funding.