2018.06.0503:22:00UTC+00Oil Prices Climb on Projected Inventory Drop

Oil prices recovered on Tuesday after sliding in the prior session on expectations that stockpiles in the U.S. may fall. However, increasing U.S. output and worries that OPEC may boost production continue to affect sentiment.

Brent crude futures advanced 14 cents or 0.19 percent, to $75.43 per barrel after closing down 2 percent at $75.29 on Monday.

U.S. WTI crude futures traded up 32 cents or 0.49 percent at $65.07 pe barrel. In the previous session, it closed down 1.6 percent at $64.75.

According to analysts, supply is the main factor affecting the markets. They said the gains are perceived as a technical rebound from the prior session's losses, but the market's eyes are set on the OPEC meeting and how much Saudi Arabia and Russia would boost output.

The Organization of the Petroleum Exporting Countries is scheduled to meet in Vienna on June 22 to decide whether the group and non-OPEC members will boost production to ease worries over possible supply shortcomings from Iran and Venezuela.

OPEC and non-OPEC Arab oil ministers reached an agreement over the weekend for the continued cooperation to balance global supply, according to Kuwait's state news agency KUNA.

Rising U.S. crude oil production has also weighed down oil prices. In March, U.S. crude production increased to 10.47 million bpd, according to a monthly report by the EIA, the highest on record.