After slumping to its lowest level of the year at $42.35 on Monday, crude oil prices recovered above $47 but failed to extend this correctional move. Ahead of the weekly EIA data, the barrel of West Texas Intermediate is trading at $45.05, losing 0.75% on a daily basis. Earlier this week, the data from China showed that industrial profits fell for the first time in three years to revive concerns over the demand outlook. Furthermore, the weekly data published by the American Petroleum Institue revealed that crude oil inventories increased 6.92 million barrels last week to further weigh on prices. Earlier in the day, Russian Energy Minister Novak said that the rising protectionism and the unpredictability of the U.S. administration were the primary drivers behind the oil price volatility. "All these uncertainties, which are now on the market: how China will behave, how India will behave... trade wars and unpredictability on the part of the U.S. administration... those are defining factors for price volatility,” Novak note. Later in the session, the EIA is expected to report a decline of 2.7 million barrels in crude oil stocks for the week ending December 21. Furthermore, Baker Hughes will publish the lates oil rig count figures.