Oil fell in price to again on Thursday due to the Thanksgiving holiday weekend in the United States and an upcoming meeting of OPEC members.
Crude stocks in the United States have risen sharply in September while demand fell in September to its lowest level in more than a decade.
US crude was at $US54.08 per barrel, down 36 cents, at 1525 GMT.
London Brent crude fell 39c to $US53.53.
Members of the Organization of the Petroleum Exporting Countries last month agreed to lower production by 1.5 million barrels per day.
Venezuela's oil minister Rafael Ramirez on Wednesday said they might agree to a further cut at a special informal meeting on Saturday in Cairo.
Secretary-General Abdullah al-Badri said on Thursday in Cairo the market was oversupplied.
Crude stocks rose by 7.3 million barrels in the United States last week.
The US Energy Information Administration said on Wednesday that total US demand over the past four weeks was down 6.6%.
The agency said demand in September fell by 12.8% versus to its lowest point in 12 years.
The NYMEX is closed on Thursday for the Thanksgiving Day holiday, though Globex trading continues. On Friday the NYMEX session in New York will close at 1.30pm EST - an hour earlier than usual.
The holiday is traditionally one of the busiest periods of travel and shopping in the United States.