Oil prices inched lower on Wednesday as market participants remained skeptical that producers will reach an agreement to freeze output to rein in a global supply glut.

London Brent crude for November delivery was down 4 cents at USD 47.22 a barrel by 0018 GMT, after settling down 37 cents on Tuesday. NYMEX crude for October delivery was down 8 cents at USD 44.75, after settling up 39 cents on Tuesday. For more Information Visit Us:- ripplesadvisory.com/free-trial.php and miss call -9827808090.

Oil prices hit a one-week high on Monday after Russia and Saudi Arabia agreed to cooperate on stabilizing the oil market, but they have since fallen due to the mounting uncertainty over a deal. 

U.S. commercial crude inventories likely fell by 100,000 barrels last week after rising for two straight weeks, a preliminary Reuters poll showed on Tuesday. Gasoline stocks likely fell by 500,000 barrels, while distillate stocks are forecast to have increased by 1 million barrels, the poll showed. The American Petroleum Institute is set to release the weekly oil data on Wednesday, delayed a day from usual due to the Labor Day holiday on Monday.