Oil prices inched below $48 per barrel Tuesday as traders began to worry less about possible OPEC production cuts to focus on U.S. petroleum stocks data due out this week.

The decision by oil ministers this weekend against cutting production levels contributed to falling prices, along with the end of a cold snap in the Northeastern U.S.

Light sweet crude for March delivery fell 47 cents to $47.73 per barrel in electronic trading at midday in Europe ahead of the opening of the New York Mercantile Exchange.

Brent futures fell 59 cents to $45.33 per barrel on London’s International Petroleum Exchange.

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