But a series of member states asking to be exempt from any deal, along with questions over the likelihood of non-OPEC rival Russia joining in, have created doubt over OPEC's ability to deliver a meaningful cut.
"The emerging sense of disappointment surrounding the OPEC meeting in three weeks time is likely to prompt further financial investors to jettison their long positions, too," Commerzbank said in a note.
Mohammed Barkindo, secretary-general of OPEC, warned on Tuesday that failure to implement the agreement reached in Algiers in September to cut output would bring negative consequences to an already fragile oil industry.
"The fact that Barkindo feels a need to make such public statements suggests the membership remains divided on at least the details of an agreement," Citi Futures energy futures specialist Tim Evans said in a note.
In physical oil markets, U.S. pipeline companies with operations at the heart of the country's commercial oil industry at Cushing, Oklahoma, restarted on Monday after an earthquake triggered safety shutdowns.
The American Petroleum Institute (API) will release its data on U.S. oil inventories for the week ended Nov. 4 at 4:30 p.m. EST on Tuesday. The U.S. Energy Information Administration (EIA) will release its weekly petroleum status report at 10:30 a.m. EST on Wednesday.
Analysts said they expect crude stocks to rise 1.1 million barrels, according to a Reuters poll.