The Organization of the Petroleum Exporting Countries will watch market developments closely, Iran's OPEC governor Mohammad Ali Khatibi said on Tuesday.
OPEC failed to reach consensus on a production deal to contain crude oil prices at its last meeting in June. The group is scheduled to meet again in early December but is not at this stage expected to agree a deal on output levels.
Traders in Europe were most focused on the euro zone debt crisis and its implications for growth and demand.
The 17-nation euro zone economy grew a modest 0.2 percent in the third quarter from the second, the EU said on Tuesday, lifted by France and Germany, but economists say the bloc is almost certainly heading for a recession.
A nasty mix of inflation, slowing exports and rising unemployment in the euro zone bode poorly.
Expectations are that inventories in the world's top oil consumer the United States fell for the second straight time on lower imports and higher refinery runs.
On average, U.S. crude stockpiles were forecast down 1.1 million barrels for the week ended Nov. 11, a preliminary Reuters poll of analysts showed. In the week to Nov. 4, crude stocks fell 1.37 million barrels to 338.09 million.
The forecasts were issued ahead of the American Petroleum Institute's inventory report due at 4:30 p.m. EST (2130 GMT). The U.S. Energy Information Administration will issue its weekly data on Wednesday at 10:30 a.m. EST (1530 GMT). (Additional reporting by Angela Bulgari in London and Manash Goswami in Singapore)