West Texas Intermediate futures for December delivery fell to $43.74 (+0.59%), while Brent crude declined to $47.17 (-0.57%) as market participants expect the U.S. Energy Information Administration to report an increase in U.S. crude stockpiles on Thursday after the American Petroleum Institute said U.S. stockpiles likely rose by 6.3 million barrels in the week ending November 6.

The EIA's monthly short-term energy outlook published Tuesday said U.S. crude-oil production declined by 40,000 barrels a day in October from September. According to forecasts mentioned in the outlook, production will average 8.8 million barrels a day in 2016, compared with the 9.3 million forecast for the current year.