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Brent crude for September rose 21 cents, or 0.3%, to $75.37 a
barrel by 1123 GMT, after losing 0.5% on Monday.
U.S. West Texas Intermediate crude for August was at $74.18 a
barrel, up 8 cents, or 0.1%, having fallen 0.6% the previous
day.
U.S. crude inventories were expected to fall for an eighth
consecutive week, while gasoline stocks also declined, a
preliminary Reuters poll showed on Monday.
Crude stockpiles have declined steadily for several weeks, with
U.S. inventories falling to the lowest since February 2020 in
the week to July 2.
"News of yet another oil stocks draw will likely have a larger
effect on the WTI benchmark, but also a residual upswing to
support other benchmarks such as Brent," Rystad Energy analyst
Louise Dickson said.
The International Energy Agency said on Tuesday that the global
tapping of oil in storage during the third quarter was set to be
the biggest in at least a decade and that early June data from
the United States, Europe and Japan showed a large stock draw.
Russian President Vladimir Putin and his U.S. counterpart Joe
Biden did not discuss OPEC+ or global oil prices during an
hour-long phone call on Friday, the Kremlin said on Monday.
However, reports from around the world of surging infections
kept some investors cautious.
The World Health Organization warned the Delta variant was
becoming dominant and many countries had yet to receive enough
doses of vaccine to secure their health workers.
Meanwhile, OPEC+ is yet to make progress closing divisions
between Saudi Arabia and the United Arab Emirates that last week
prevented a deal to raise oil output, making another policy
meeting this week less likely, OPEC+ sources said.
(Additional reporting by Yuka Obayashi; editing by David Evans
and Jason Neely)
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