Crude oil prices remained lower extending recent losses after OPEC and Russia failed to make concrete plans to curb production.

Rttnews says that Iran has reportedly nixed plans for a meaningful reduction in output after years of crippling sanctions.

Meanwhile, economic concerns and political uncertainty in the U.S. have markets in a cautious mood.

WTI light sweet crude oil was down 20 cents at $46.70 a barrel, the lowest in a month.

The American Petroleum Institute is out with its U.S. oil inventories survey this afternoon, while the government report is scheduled for tomorrow.