New York's main futures contract, light sweet crude for January delivery, eased 89 cents to $US53.55 a barrel from its close of $US54.44 dollars overnight in New York.
US markets were closed for the Thanksgiving holiday.
"It's just quiet,'' said Tony Nunan, of Mitsubishi Corp's international petroleum business in Tokyo.
"A lot of the traders are out of the market.''
Brent North Sea crude for January delivery fell 48 cents to $US52.65.
The Organisation of the Petroleum Exporting Countries (OPEC) has watched oil prices collapse from record highs above $US147 dollars in July, sparking serious concern among its members about plunging revenues.
"Demand is falling like a stone because of the poor economy,'' Mr Nunan said.
OPEC ministers agreed last month to reduce production by 1.5 million barrels a day but the market only crumbled further.
Prices last week fell below $US50 to levels unseen since early 2005 on growing concern that a global recession could ravage demand for energy, traders said.
The OPEC cartel, which pumps about 40 percent of the world's oil, is to meet in Cairo tomorrow but the group's president, Chakib Khelil, has downplayed the idea of an output cut being announced in the Egyptian capital.
Mr Nunan said that if output is not reduced in Cairo, a decision could be made at another OPEC meeting set for December 17.
"It's causing people to think that we're probably close to a floor'' in prices, he said.
Oil market analyst Torbjorn Kjus, of Norway's largest financial services group DnB NOR, said OPEC probably needs to initiate further quota cuts of 1.0-1.5 million barrels a day before year-end to protect prices.
Mr Nunan said the cuts would probably need months to take effect.
"I think in the end Saudi will make the necessary cuts but they're probably going to do it in a low-key fashion,'' Mr Nunan said, referring to OPEC's largest producer Saudi Arabia.
Oil prices rise before OPEC meets
Oil prices drop ahead of OPEC meeting
Cheaper gas won’t end Americans’ new thrifty driving habits
