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Analysts on average expect U.S. crude stockpiles to have risen
by 1.9 million barrels last week, the fourth straight increase.
The first of this week's stockpile reports is due at 2030 GMT
from the American Petroleum Institute.
"We have already seen these inventories going higher in the last
week's print," said Naeem Aslam, chief market analyst at TF
Global Markets in London.
"The rising inventory data has raised many questions for
investors - no one wants to see the oil glut again."
Brent crude, the global benchmark, was down 4 cents at $71.14 a
barrel at 1104 GMT. U.S. West Texas Intermediate (WTI) crude
gained 6 cents to $63.46.
While OPEC-led supply cuts have boosted Brent by more than 30
percent this year, gains have been limited by worries that
slowing economic growth could weaken demand for fuel.
Oil also fell on Monday after comments from Russia raised
concern the OPEC-led supply-cutting pact may not be renewed.
Russia and the producer group may decide to boost output to
fight for market share with the United States, TASS news agency
сited Finance Minister Anton Siluanov as saying.
The Organization of the Petroleum Exporting Countries and other
producers including Russia, an alliance known as OPEC+, have
been cutting output since Jan. 1. They decide in June whether to
continue the arrangement.
"There is a growing concern that Russia will not agree on
extending production cuts and we could see them officially
abandon it in the coming months," said Edward Moya, senior
market analyst at OANDA.
Russian officials sent mixed signals over renewal of the deal
with OPEC last time it was being renegotiated in December,
before finally agreeing to remain on board.
(Editing by Dale Hudson and David Evans)
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