Being the main focus of investors in today's trading session is the meeting of the Organization of the Petroleum Exporting Countries (OPEC) which will decide on the increase in monthly crude oil production.
During the European session, Brent crude futures traded slightly lower at around $ 78.66 a barrel, while US WTI traded down at $ 75.76 a barrel.
Both benchmarks have previously slipped lower following the rise of the US dollar. However, it is back to stability with the focus now on the OPEC meeting.
OPEC and its ally better known as OPEC+ are expected to stick to their plans for an additional production of 400,000 barrels a day in February despite a reduction from Libya.
Over the weekend, Libya expects its oil production to drop by 200,000 barrels a day next week due to efforts made to repair damage to the pipeline.
Meanwhile, worldwide Covid-19 outbreaks are becoming more widespread, with the United States recording a daily highest figure on Monday of 1 million.
However, so far no recent sanctions have been announced to curb the report which has left crude oil trading stable.
