Worries over declining demand in the two biggest oil-consuming countries in the world, China and the United States, caused oil prices to plummet to their lowest points in more than three months during the previous session.

Brent crude edged up by 15 cents to $81.76 a barrel by 0636 GMT, meanwhile US crude futures slumped by 2 cents to $77.35 per barrel.

Weekly inventory data will not be released by the U.S. Energy Information Administration (EIA) until the week of November 13.

The EIA predicted on Tuesday that while demand will decline, crude oil production in the US will increase this year by a little less than anticipated.

After initially predicting a rise of 100,000 barrels per day, the EIA now projects a 300,000 barrel drop in the nation's overall petroleum consumption this year.

Data from China, the largest importer of crude oil globally, has cast uncertainty on the prognosis for demand.

The second-biggest economy in the world saw strong rise in its imports of crude oil in October, but the country's overall exports of goods and services shrank more quickly than anticipated, raising concerns about a slowdown in global demand.

Positively, OPEC, the organization that produces oil, anticipates that despite many economic obstacles like rising interest rates and inflation, the world economy would expand and drive the need for gasoline.