Futures were falling ahead of the Organization of the Petroleum Exporting Countries' (OPEC) meeting on Thursday in Vienna. Analysts believe the gathering is unlikely to yield any formal consensus on cutting back output, Reuters reports.
Crude oil (WTI) is retreating by 0.83% to $48.92 per barrel and Brent crude is sliding by 0.18% to $49.67 per barrel.
Additionally, United Arab Emirates Oil Minister Suhail bin Mohammed al-Mazroui said he was happy with the overall oil market. "We are optimistic. We are seeing that the market is correcting upward," he said, according to Reuters.
Earlier today, oil prices got a lift after market intelligence firm Genscape reported a drawdown of 686,700 barrels at the Cushing, OK delivery point for the week ended May 27.
Los Angeles-based California Resources operates as an oil and natural gas exploration and production company in the State of California. It produces oil, natural gas, and natural gas liquids.