Industry group the American Petroleum Institute is due to release its weekly report at 04:30 p.m. ET (08:30 pm. GMT).
The Energy Information Administration will release its weekly report on Wednesday, amid forecasts for an oil-stock drop of around 3.4 million barrels, which would mark an eighth weekly decline in a row.
The U.S. West Texas Intermediate crude September contract was at $47.45 a barrel by 09:00 a.m. ET (01:00 p.m. GMT), down aroud 0.9 cents or 0.19 %.
Elsewhere, Brent oil for October delivery on the ICE Futures Exchange in London lost 2 cents or about 0.27% to $51.52 a barrel.
Oil prices dropped on Monday, amid lingering concerns over a global supply glut.
OPEC and 10 producers outside the cartel, including Russia, agreed since the start of the year to slash 1.8 million barrels per day in supply until March 2018 in order to reduce a global supply glut and rebalance the market.
However, so far, the deal has had little impact on global inventory levels due to rising supply from producers not participating in the accord, such as Libya and Nigeria, as well as a relentless increase in U.S. shale output.
At a meeting in November, OPEC is set to discuss whether or not to extend production cuts, Kuwait’s oil minister Essam al-Marzouq said on Monday.
Natural gas futures for September delivery climbed 0.3 cents, or roughly 1.08%, to $2.995 per million British thermal units.
The UK's hydrocarbons regulator has awarded 31 new exploration licences in the country's North Sea waters, Reuters reported on Friday Read More
ExxonMobil announced the closing of its USD 60-billion acquisition of Pioneer Natural Resources on Friday, a move that solidifies its… Read More
BP-Eni joint venture Azule Energy has entered a strategic farm-in agreement with Rhino Resources in Namibia's offshore Orange Basin, the… Read More
Africa-focused energy group Chariot has spudded the RZK-1 exploration well on the Gaufrette prospect at the Loukos Onshore licence in… Read More
Touchstone Exploration has acquired Trinidad-focused Trinity Exploration & Production in an all-shares deal, the Canadian upstream player said on Wednesday Read More
ExxonMobil is "optimistic and pushing forward" with the Rovuma LNG project in Mozambique and eyes an FID by the year's… Read More
This website uses cookies.