Investing.com - Oil prices inched higher during European hours on Tuesday, rebounding from an overnight decline, as market players awaited details of a planned output cut by the Organization of the Petroleum Exporting Countries.
Brent oil for December delivery on the ICE Futures Exchange in London tacked on 30 cents, or 0.58%, to $51.76 a barrel by 4:40AM ET (08:40GMT).
On Monday, prices lost 32 cents, or 0.62%, after Iraq said it wanted to be exempt from any output freeze deal among major global producers.
Global oil prices have been under pressure in recent days amid market skepticism over the implementation of a planned deal by OPEC to limit production.
The 14-member oil group reached an agreement to cap output to a range of 32.5 million to 33.0 million barrels per day in talks held on the sidelines of an energy conference in Algeria late last month.
However, OPEC said it won’t finalize details or complete its production agreement until its next official meeting in Vienna on November 30, when an invitation to join cuts could also be extended to non-OPEC countries such as Russia.
Elsewhere, crude oil for December delivery on the New York Mercantile Exchange inched up 35 cents, or 0.69%, to $50.87 a barrel after falling 33 cents, or 0.65%, a day earlier.
Market players are also looking ahead to weekly data from the U.S. on stockpiles of crude and refined products.
Industry group the American Petroleum Institute is due to release its weekly report at 4:30PM ET (20:30GMT) later on Tuesday. Official data from the Energy Information Administration will be released Wednesday, amid forecasts for an oil-stock increase of 0.8 million barrels.