Investing.com - Crude oil prices eased in Asia on Tuesday as investors take note of bearish news on oil production from OPEC.
On the New York Mercantile Exchange, West Texas Intermediate Crude oil for delivery in November traded at $85.01 a barrel, down 0.06%, after hitting an overnight session low of $84.09 a barrel and a high of $85.84 a barrel.
On Monday, Brent oil, the international benchmark, fell 1.5% to settle at $88.89 a barrel, the lowest closing price since December 2010.
Data on U.S. crude, distillate and gasoline stocks from the American Petroleum Institute and the Department of Energy will be delayed by a day each because of the Columbus Day holiday on Monday.
API data comes out this week on Wednesday and Department of Energy data on Thursday.
Overnight, oil prices slipped on news that Kuwait reported said that OPEC won't likely cut output to boost slumping prices, while Saudi Arabia is reportedly ready to accept oil prices dipping down to $80 a barrel, which sent oil prices falling on concerns supply will remain ample while demand soft.
OPEC will hold its next meeting on Nov. 27.
Elsewhere, a weaker dollar supported prices.
The dollar has firmed in recent sessions on expectations for U.S. monetary policy to diverge with Europe and Asia.
While the U.S. is seen closing its monthly bond-buying programs this month and hiking interest rates in 2015, expectations that the Federal Reserve may take its time when tightening policy next year began to build on Monday in wake of dovish comments out of the U.S. central bank.
"If foreign growth is weaker than anticipated, the consequences for the U.S. economy could lead the Fed to remove accommodation more slowly than otherwise," Federal Reserve Vice Chair Stanley Fischer said in prepared remarks of a speech he delivered at the annual International Monetary Fund/World Bank meeting over the weekend.