The prices of oil went down on Tuesday on the back of the recent recovery of the recovery of stock markets around the world after sharp declines on the previous week.
Futures for the international benchmark for oil, Brent crude, went up by 0.3 percent or 19 cents at $62.78 per barrel.
Futures for U.S. West Texas Intermediate gained 0.25 percent or 15 cents at $59.44 per barrel.
The American Petroleum Institute is set to release its crude inventory estimates on Tuesday. Meanwhile, the U.S. Energy Information Administration will release its fuel storage and crude production data on Wednesday.
On Monday, the Organization of Petroleum Exporting Countries expect a rise in the world’s demand for oil by 1.59 million barrels per day for 2018.
The increase in consumption is being satisfied by the rise in output from other non-OPEC countries according to the Organization.
OPEC stated that the United States along with other producers would prop prices up by 1.4 million barrels per day.
A supply and demand balance will be reached “towards the end of this year” thanks to outside production according to OPEC.
OPEC and other producers such as Russia has been leading an effort to cut down supplies since 2017.
Data from the EIA reveals that there was a supply deficit for oil back in 2017 thanks to the OPEC-led effort to cut production, but also shows an expected surplus for this year.