West Texas Intermediate futures for November delivery fell to $44.94 (-0.64%), while Brent crude declined to $48.03 (-0.41%) after figures from the American Petroleum Institute showed a 4.6 million barrel increase in U.S. crude inventories. The official Energy Information Administration data will be released later today. Oil prices are likely to trade in a narrow range until the report is released.

Market participants are also waiting for tomorrow's report on China's September Manufacturing PMI. China is the second-biggest consumer of oil in the world.