New Delhi, Dec 1 (IANS): Oil prices declined on Tuesday over supply concerns as the talks of OPEC and its allies over production cuts have been delayed till Thursday.

The recent meeting of the major oil producers ended without an agreement among its members regarding the production cuts next year. The three major members -- Russia, Saudi Arabia, and the UAE - held different opinions on how to move forward.

Concerns of a supply glut amid poor global demand have weighed on the oil prices.

The February contract of Brent crude oil on the Intercontinental Exchange (ICE) is currently trading at $47.59 per barrel, lower by 1.22 per cent from its previous close.

Similarly, the January contract of WTI crude on the NYMEX was trading at $44.99 per barrel, lower by 0.77 per cent from its previous.

The current output cut deal which mandates a production cuts by 2 million barrels per day (bpd) ends in January. Given the current situation of poor demand, anticipations have prevailed that the cut will be further extended for few months of 2021.