Oil prices closed mixed on Tuesday as market was sensitive to any news concerning oil producers' diplomatic effort in finalizing an output freeze deal.

The West Texas Intermediate for January Delivery lost 0.21 U.S. dollars to settle at 48.03 dollars a barrel on the New York Mercantile Exchange, while Brent crude for January delivery added 0.22 dollars to close at 49.12 dollars a barrel on the London ICE Futures Exchange.