LONDON: Oil prices dipped Tuesday with analysts expecting volatility in the run-up to a producers' meeting next week, while traders are also awaiting the release of US stockpiles data.
Around 1130 GMT, Brent North Sea crude for delivery in November was down 48 cents at $45.46 a barrel compared with Monday's close.
US benchmark West Texas Intermediate for October shed 35 cents to $42.95 a barrel.
The commodity plunged last week on supply glut worries but bounced slightly Monday after OPEC member Venezuela said a deal to limit output was close.
Unrest in key producers Libya and Nigeria also raised the prospect their exports would be hit.
Venezuelan President Nicholas Maduro said Sunday that participants in producer talks by the 14-nation OPEC cartel and Russia in Algeria from September 26-28 are working on a deal.
But some analysts said that in the absence of any firm agreement, prices will continue to swing.
"The credibility of bullish production freeze rhetoric from Venezuela is understandably being questioned in the run-up to next week's Algiers meeting, while worries about additional supply (Nigeria, Libya) worsening the global glut add to the mix," noted analysts at traders Accendo Markets.
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