Oil prices have remained steady as expectations of a deal by the Organisation of the Petroleum Exporting Countries (OPEC) to freeze production were balanced by increasing evidence of heavy oversupply and rising stocks.
Brent crude oil LCOc1 increased 10 cents a barrel at $46.73, while the US light crude CLc1 rose 15 cents at $45.72, Reuters reported.
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Data released by the US Energy Information Administration highlighted an increase in the crude stocks by 5.3 million barrels in the week ending 11 November.
Due to high production by OPEC producers, stocks are also rising elsewhere.
OPEC countries are set to meet on 30 November to discuss limits on production.
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By GlobalDataThe members may also agree a cut in production in a bid to increase prices.
PVM Oil Associates senior analyst Tamas Varga told the news agency: "The name of the game is 'volatility' as confusing signals are arriving before OPEC meets."
Russia Energy Minister Alexander Novak said that the country is willing to support an OPEC decision to limit production.
