Brent crude was down 41 cents, or 0.5%, to $79.87 a barrel by 0712 GMT, after earlier dropping to $79.60, the lowest since Oct. 7
Such a move may not have a long-term impact on dampening U.S. oil prices that hit a seven-year high above $85 a barrel in late October, analysts say
The world's biggest oil and gas companies and many OPEC+ energy ministers are in Abu Dhabi this week for Adipec
Sentiment also gained from data showing US employment rising more than expected in October
The White House said Washington would consider a full range of tools at its disposal to guarantee access to affordable energy.
Brent futures and US West Texas Intermediate crude pared losses of more than 1%
Brent crude futures dropped 46 cents, or 0.6%, to $83.26 a barrel by 0746 GMT
Behind closed doors, an intense campaign is being waged to persuade OPEC+ to speed up its output increases, according to multiple diplomats and industry insiders
Brent and US crude oil benchmarks both declined on the week after reaching multi-year highs on Monday
Analysts expect the latest weekly US oil inventory data to show a 1.9 million-barrel build in crude stocks
Crude inventories at the key storage hub of Cushing slid by 2.32 million barrels to the lowest level since 2018
High crude prices have made India rethink its energy transition strategy
India will be anchoring the international meeting, which will be attended by representatives from the world's largest oil producer, Saudi Arabia and Opec
Petrol and diesel prices have shot up to record highs across the country after relentless price increases since early May.
Oil and natural gas prices have soared to multi-year highs recently, sending power prices surging to record levels as widespread energy shortages engulf Asia and Europe
Opec now expects oil demand to grow by 5.82 million barrels per day, down from 5.96 million bpd in its previous forecast
Brent crude rose as high as $83.47
Stock market LIVE: On the sectoral front, barring Nifty Realty, Pharma, PSU Bank, all indices trade in the green
Oil prices eased on Tuesday after climbing to their highest levels in years in the previous session on the decision by OPEC and allied major oil producers to maintain restraint on supply.
Oil prices jumped Monday after OPEC and allied oil producing countries stayed with their gradual approach to restoring output slashed during the pandemic, agreeing to add only 400,000 barrels per day