Oil prices opened higher earlier in the week before gains began to pare amid investor caution ahead of the OPEC meeting.
At the opening of the Asian session, Brent crude oil futures traded higher at $87 a barrel, while US WTI traded steady at $80 a barrel.
Both benchmarks posted significant declines at the end of last week, with Brent trading down around 1.4% and US WTI down 2.1%.
This follows reports of higher Russian oil supply expectations, sparking fears of an oversupply in the market.
Oil cargoes from Russia's Baltic ports are forecast to rise by 50% this month as sales try to meet strong demand in Asia.
In the meantime, investors are now looking forward to the meeting of OPEC and its allies including Russia or better known as OPEC+ on Wednesday (February 1).
The group is widely expected to keep its current oil production policy unchanged.
Investors are also hoping for a recovery in strong demand from China after the end of the Chinese New Year holiday season.
On Saturday, China's cabinet pledged to promote the recovery of consumption as the main driver of the economy and increase imports.
