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Oil prices lost earlier earned positions and moved into negative territory as traders continue to analyze comments from OPEC about declining production prospects, as well as waiting for the publication of the US petroleum inventory data.

Many experts remain confident that OPEC will be able to work out a final agreement at the meeting on 30 November. In addition, the steady decline in US oil inventories suggests that oversupply is reduced without the aid of OPEC. However, other analysts believe that OPEC will be able to achieve an effective reduction in production. One of the key problems is Iraq's refusal to use the data for the production of oil, provided by secondary sources when calculating catch limits of each of the OPEC countries.

OPEC oil production has reached record highs against the backdrop of Member States struggle for market share.

The cost of the December futures on US light crude oil WTI (Light Sweet Crude Oil) fell to 50.02 dollars per barrel on the New York Mercantile Exchange.

December futures price for Brent fell to 50.88 dollars a barrel on the London Stock Exchange ICE Futures Europe

Gold moderately risen in price on Tuesday, helped by growth in physical demand from India. However, the strengthening of the US dollar and the rising expectations of a Fed hike constrained the upward movement of the precious metal.

"The basic demand for the precious metal remains stable. In addition, a positive impact had fundamental factors, such as the stimulating monetary policy of central banks in Europe and Japan." - ANZ analyst Daniel Hynes said.

The US Dollar Index, showing the US dollar against a basket of six major currencies, traded with an increase of 0.3%, close to the highest level since the beginning of March. Since gold prices are tied to the dollar, a stronger dollar makes the precious metal more expensive for holders of foreign currencies.

The cost of the November futures for gold on COMEX rose to $ 1271.9 per ounce.

This morning, the New York futures for Brent rose by 0.16% to $ 50.60 and crude oil futures for WTI decreased in price by 0.08% to $ 51.44 per barrel. Thus, the black gold is trading without significant changes, as traders watch how the strengthening of the dollar evaluate the likelihood that OPEC members and Russia will develop a final and workable plan to reduce production.

Today, the American Petroleum Institute will publish data on stocks of crude oil and petroleum products in the United States and on Wednesday, data from the US Department of Energy, which traders are waiting with great interest. Yesterday, Iraq has asked to be relieved of his participation in an agreement to freeze the volumes of production, which caused a decline in oil prices.

OPEC members will meet on November 30 to discuss the details of global production volume freezing. Iraq occupies the second place in the OPEC in terms of production after Saudi Arabia. Russia also said it would support the agreement and is currently working with OPEC on conditions of freezing.