Due to investor caution ahead of OPEC+ this Sunday, when the producer group may debate increasing supply restrictions due to sluggish global growth, oil futures dipped on Tuesday, reversing sharp gains gained in the previous two sessions.

Brent crude dipped 0.6%, to $81.81 per barrel meanwhile WTI gold futures slumped by 0.7% at $77.32 per barrel.

Both contracts saw a 2% increase on Monday after three OPEC+ sources informed Reuters that OPEC would be debating whether to further reduce oil supplies during their meeting on November 26.

According to eight analysts, OPEC+ is expected to continue or perhaps intensify its oil output cutbacks throughout the upcoming year.

Since late September, the price of oil has decreased by almost 16% due to concerns about growing demand, particularly from China, the world's largest oil importer, while the world's greatest producer, the United States, continued to produce oil at record high levels.

In addition, traders were keeping an eye out for indicators of demand depletion stemming from a potential 2024 U.S. recession and taking into account Walmart's, the country's biggest retailer, warning last week about potential deflation.