West Texas Intermediate futures for November delivery slid to $44.41 (-0.05%), while Brent crude climbed to $47.39 (+0.11%) after yesterday's decline.

Oil prices were slightly supported by a weaker dollar as it makes this dollar-denominated commodity more affordable for holders of other currencies, however fundamentals remain unfavorable. Major oil producers maintain high levels of output, while global economic growth is slowing. Investors are particularly concerned about the economic situation in China, world's second-biggest oil consumer.

Meanwhile Royal Dutch Shell has left its plan to become the first company to produce oil in Alaska's Arctic waters "for the foreseeable future" after years of efforts and $7 billion spent in this project because it did not find find enough oil to make further drilling reasonable.