Oil prices edged lower on Tuesday as concerns over a potential rise in U.S. crude stocks, adding to swelling oversupply, outweighed OPEC comments that a possible production freeze agreement could last longer than expected.
International benchmark Brent crude oil futures were trading down 47 cents, or 1 percent, at $45.48 per barrel by 10:50 .m. ET (1450 GMT), after dropping to $45.09, its weakest level since Aug. 11.
U.S. West Texas Intermediate (WTI) crude futures fell 22 cents at $43.08 a barrel, after falling to a nearly 6-week low of $42.55 earlier in the session.
Analysts polled by Reuters expect U.S. commercial crude oil inventories to have risen 2.3 million barrels in the week to Sept. 16, paving the way for a bearish market reaction because a rise in stocks indicates growing oversupply. The American Petroleum Institute (API) is scheduled to release its weekly crude stocks data at 4:30 p.m. (2030 GMT) on Tuesday.