West Texas Intermediate futures for December delivery are currently at $47.88 (-0.04%), while Brent crude is at $50.50 (-0.08%). On Tuesday industry group the American Petroleum Institute said U.S. crude inventories rose by 2.8 million barrels in the week ending October 30. The Energy Information Administration will publish its official data later today. A buildup in crude stocks suggests softer demand and weighs on prices.

Meanwhile Bloomberg reported that Libya's Petroleum Facilities Guard halted crude shipments from Zueitina port because of the conflict between the nation's rival governments.