West Texas Intermediate futures for December delivery climbed to $44.74 (+0.31%), while Brent crude slightly advanced to $48.09 (+0.21%). Nevertheless prices remained under pressure amid prospects of investment cuts.

Earlier this year Canadian Suncor Energy cut its 2015 capital spending by 1 billion Canadian dollars, or about US$837 million. French oil company Total cuts its 2017 daily output target to 2.6 million barrels from 8 million.

Fitah Birol, executive director of the International Energy Agency, said that oil-project investments are on track to decline for a second straight year in 2016 after a 20% fall in 2015.