Mubasher: Profit-taking sent oil prices lower in Tuesday's early trades, coupled with OPEC's meeting in Algeria in an attempt to have a satisfactory freeze deal.

By 4:30am GMT, Brent crude futures inched down 9 cents, 0.2%, to $47.84 per barrel.

Crude oil WTI futures fell 4 cents, 0.07% to $45.90 a barrel.

Oil prices are likely to decline steeply below $40 a barrel by the end of this week amid speculations on dead-end talks over lower oil production, namely after Iran's statement that toned down the chances for having a freeze deal on Monday, said commodity analysts.