More OPEC cuts likely next year, analysts say
U.S. inventory reports expected to show rising crude stocks
Coming up API report on U.S. crude stocks at 2130 GMT

NEW YORK, Nov 21 Reuters Oil prices eased on Tuesday after rallying for two sessions, as investors turned cautious ahead of Sunday39;s scheduled OPEC meeting when the producer group may discuss deepening supply cuts due to slowing global economic growth.

Brent crude futures slipped 23 cents, or 0.3, to 82.09 a barrel by 116 a.m. EST 1816 GMT. U.S. West Texas Intermediate crude futures fell by 31 cents, or 0.4, to 77.52.

On Monday, both contracts climbed about 2 after three OPEC sources told Reuters the group, the Organization of the Petroleum Exporting Countries OPEC and allied producers, was set to consider whether to make additional oil supply cuts when it meets on Nov. 26.

OPEC is likely to extend or even deepen oil supply cuts into next year, eight analysts have predicted.

We see some scope for the group to do a deeper reduction, but we would anticipate that Saudi Arabia would seek additional barrels from other members to share the burden of the adjustment, said RBC Capital analyst Helima Croft.

Investors took profits ahead of the OPEC meeting and the U.. Thanksgiving holiday on Thursday, which typically yields lower trading volumes in oil.

Traders are covering before the holiday, said Phil Flynn, an analyst at Price Futures Group. The market is getting back on track.

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