Oil prices dipped on Tuesday on doubts that producer cartel OPEC will be able to hammer out a meaningful output cut during a meeting on Wednesday aimed at reining in a global supply overhang and propping up prices, Reuters reported.
International Brent crude oil futures LCOc1 were trading at $47.99 per barrel at 0305 GMT, down 25 cents, or 0.5 percent, from their last close.
U.S. West Texas Intermediate crude futures CLc1 were down 23 cents, or 0.5 percent, at $46.85 a barrel.
The Organization of the Petroleum Exporting Countries (OPEC) is meeting officially in Vienna on Wednesday to discuss a planned production cut in an effort to curb overproduction that has dogged markets and more than halved prices since 2014.