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Oil prices edged up on Tuesday, buoyed by a jump in global stock markets that came after sharp declines in the previous week.

U.S. WTI crude futures stood at $59.44 per barrel. The contract is up 0.25 percent, or 15 cents from their last close. Brent crude futures traded at $62.78 per barrel, up 19 cents or 0.3 percent from the prior settlement.

Last week, stock markets recorded some of the steepest declines on record,affecting confidence across markets. With markets seemingly entering a period of respite, oil traders said attention was slowly returning to inventory levels to measure crude supply levels.

The American Petroleum Institute is scheduled to release crude inventory estimate figures on Tuesday, while government agency U.S. Energy Information Administration is scheduled to release its fuel storage and crude production data on Wednesday.

With regards to demand, OPEC said on Monday that it anticipated world oil demand to rise by 1.59 million bpd this year, marking a rise of 60, 000 bpd from its prior estimate, hitting 98.6 million bpd.

The increasing consumption is being matched by higher output from producers outside OPEC, according to the cartel. OPEC said the U.S. and other producers would bolster supply by 1.4 million bpd this year, 250, 000 bpd higher from last month and the third consecutive increase from 870, 000 bpd in November.

OPEC said that due to the non-OPEC production increase, oil markets would only return to a rebalanced supply and demand towards the end of 2018.

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Oil prices eased on Friday as Russia hinted it may gradually raise output, after having withheld supplies in tandem with producer cartel OPEC since 2017.

Brent crude futures stood at $78.63 per barrel, down 16 cents from their previous close, and more than 2.2 percent below the $80.50 multi-year high they reached on May 17. Brent broke through $80 for the first time in more than three years earlier in May.

U.S. West Texas Intermediate crude futures were at $70.60 a barrel, down 11 cents from their last settlement.

The Middle East dominated Organization of the Petroleum Exporting Countries (OPEC) as well as a group of non-OPEC producers led by Russia started withholding output in 2017 to tighten the market and prop up prices.

However, Russia, in particular, has been floating a potential end to the production cuts, with energy minister Alexander Novak saying on that restrictions on oil production could be eased “softly” if OPEC and non-OPEC countries see the oil market balancing in June.

Nonetheless, the downside risk to oil prices could be limited by geopolitical factors.

The yen pulled back from a two-week high versus the dollar on Friday after North Korea said it was open to resolving issues with the United States after President Donald Trump cancelled the June summit with its leader, Kim Jong Un.

Although the yen and the safe-haven Swiss franc had strengthened on Thursday due to heightened worries over global politics, traders were quick to lock in gains ahead of a long weekend in the United States and Britain.

The dollar index, which measures the greenback against a basket of six other peers, rose 0.2 percent at 93.912 and not far from the five-month peak it notched on Wednesday.

The greenback had been gaining for weeks on its widening yield advantage but lost some of its momentum after minutes of the Federal Reserve's last policy meeting published on Wednesday were seen as more dovish than markets had expected.

The yen dropped 0.3 percent to 109.59 yen following conciliatory comments from North Korean Vice Foreign Minister Kim Kye Gwan. The Japanese currency had reached a two-week peak of 108.955 per dollar overnight in a knee-jerk reaction after President Donald Trump cancelled the planned summit with Kim.

The euro slid 0.1 percent to $1.1710, and was poised for a sixth straight week of falling against the dollar, weighed down by worries over a deepening economic slowdown in the currency bloc. Six consecutive weeks of losses would be its longest such streak since January 2015.

Also weighing on the euro was the insistence of the far-right League, a partner in Italy's planned coalition government, that eurosceptic economist Paolo Savona be appointed economy minister.

Gold prices eased on Friday on profit-taking, after breaking above $1,300 in the previous session when U.S. President Donald Trump's decision to call off a meeting with North Korean leader Kim Jong Un fuelled safe-haven buying.

Spot gold fell 0.2 percent to $1,302.18 per ounce, after rising almost one percent in the previous session in its largest one-day percentage gain since April 11. The precious metal remains on track for a weekly gain.

U.S. gold futures for June delivery dropped 0.2 percent to $1,301.80 per ounce.

Trump's threat to impose tariffs on auto imports drew strong criticism abroad and at home where U.S. business groups and members of his own Republican Party warned of damage to the industry and raised the prospect of a global trade war that would harm American interests.

Nations that remain in the Iran nuclear deal meet on Friday for the first time since U.S. President Donald Trump left the pact, but diplomats see limited scope to salvage it after Washington vowed to be tougher than ever on Tehran.

Among other precious metals,silver was down 0.3 percent at $16.57 an ounce, while platinum lost 0.1 percent at $908.50 an ounce after hitting its highest since May 14 at $914.30 in the previous session.

Palladium rose by almost 0.2 percent to $976.10 per ounce. All three of those metals were poised for weekly gains.