U.S. West Texas Intermediate crude futures were at $56.05 per barrel, down 51 cents, or 0.9 percent.
“Oil is likely to play ‘tug of war’ here, with production cut promises to be countered with rising output from the U.S.,” Edward Moya, senior market analyst, OANDA, told Reuters.
Asian shares were mainly flat early on Wednesday, despite a drop on Wall Street overnight.
MSCI’s broadest index of Asia-Pacific shares outside Japan nudged up 0.05 percent, while Japan’s Nikkei declined 0.6 percent.
Overnight on Wall Street, the Dow Jones Industrial Average fell 13.02 points, or 0.05 percent, to 25,806.63, the S&P 500 lost 3.16 points, or 0.11 percent, to 2,789.65 and the Nasdaq Composite dropped 1.21 points, or 0.02 percent, to 7,576.36.
The pan-European STOXX 600 index closed up 0.15 percent on Tuesday.
Middle East markets
Dubai’s index dropped 0.3 percent on Tuesday. Emaar Malls dropped 2.9 percent and Emaar Development was down 3.1 percent.
Abu Dhabi's index was down 0.3 percent with the country's biggest lender, First Abu Dhabi Bank, falling 0.7 percent.
The Saudi index dipped 0.1 percent with Al Rajhi Bank sliding 0.3 percent and Saudi Basic Industries losing 0.2 percent.
Qatar's index fell 1.1 percent, with Vodafone Qatar losing 3.2 percent, Qatar National Bank dropping 2.7 percent and Industries Qatar retreating 2.4 percent.
Egypt's blue-chip index EGX30 fell 0.6 percent with its largest lender Commercial International Bank Egypt sliding 2 percent and Egyptian Chemical Industries decreasing 1 percent.
Kuwait’s premier market index added 0.4 percent, Oman’s index gained 0.3 percent and Bahrain’s index edged 0.1 percent higher.
The dollar rose early on Wednesday.
The dollar index, which measures the greenback against a basket of six major currencies, rose 0.16 percent.
Gold prices steadied on Wednesday.
Spot gold was flat at $1,286.77 per ounce as of 0123 GMT, after touching its lowest since Jan. 25 at $1,280.70 in the previous session.
U.S. gold futures were up about 0.3 percent at $1,287.90 an ounce.
(Reporting by Gerard Aoun; Editing by Mily Chakrabarty)
Our Standards: The Thomson Reuters Trust Principles
Disclaimer: This article is provided for informational purposes only. The content does not provide tax, legal or investment advice or opinion regarding the suitability, value or profitability of any particular security, portfolio or investment strategy. Read our full disclaimer policy here.
© ZAWYA 2019