During Asian trade on Wednesday, oil prices showed minimal movement as the market anticipated potentially mixed news regarding the supply situation. The OPEC+ producers group was expected to discuss output cuts, while U.S. crude stocks were forecasted to reveal a substantial increase.

Brent crude futures experienced a marginal decline of 3 cents, or 0.04%, settling at $82.45 per barrel by 0500 GMT. Similarly, U.S. West Texas Intermediate crude futures dropped by 1 cent, or 0.01%, reaching $77.76, as reported by Reuters.

Following a 2% increase in both contracts on Monday, based on information from three OPEC+ sources indicating a potential discussion of additional oil supply cuts during the Nov. 26 meeting of the Organization of the Petroleum Exporting Countries (OPEC) and allied producers, the market remained attentive.

Even if OPEC+ extends its cuts into the next year, the head of the International Energy Agency's (IEA) oil markets and industry division mentioned on Tuesday that the global oil market is anticipated to have a slight supply surplus in 2024.

Market sources, citing figures from the American Petroleum Institute, reported a nearly 9.1 million barrel increase in U.S. crude stocks for the week ending Nov. 17. During the same period, gasoline inventories decreased by approximately 1.79 million barrels, while distillate inventories saw a reduction of about 3.5 million barrels.