UAE-Mubasher: Brent crude futures settled lower on Tuesday on bets OPEC will not cut output, which will result in an oversupply, according to oil analyst and economist Ahmed Hassan Karam.
OPEC meeting is expected to be held on 4 December to review the production strategy.
The oil market will regain confidence with the steady decline in oil surplus outside the OPEC.
U.S. crude prices rose 0.48% or 20 cents to reach $41.85 a barrel, backed by a decline in the weekly inventory by 471,000 barrels.
The American Petroleum Institute reported a 1.6-million-barrel increase in U.S. crude supplies to reach 489,900 on Tuesday.
