Oil prices edged down on Wednesday in quiet early Asian trading as the market waits to see how OPEC and non-OPEC members carry through on planned supply cuts in the new year.

     International Brent crude futures were trading down 13 cents, or 0.2 percent, at $55.96 a barrel at 0312 GMT after closing the previous session up 93 cents.

U.S. benchmark West Texas Intermediate crude oil prices were down 7 cents at $53.83 per barrel after settling up 88 cents at $53.90 a barrel in the previous session. 

Trading is expected to remain thin this week ahead of the New Year holiday.The market is taking a wait-and-see approach on the official start of the landmark deal reached by the Organization of the Petroleum Exporting Countries (OPEC) and several non-OPEC members to reduce their output. The deal is set to kick in from Jan. 1.