Oil prices rose slightly after the latest U.S. personal consumption expenditure data showed lower-than-expected inflation, easing concerns about interest rate cuts next year, according to Jinshi Data.
Still, oil prices are trading in a narrow range amid broader concerns about growing oil demand in Asia and oversupply next year.
Uncertainty about how markets will perform next year following the return of President-elect Donald Trump to the White House has also fueled an overall cautious mood.