Meanwhile, market participants would also be waiting for the latest U.S. inventory data levels which is delayed by a week because of the Memorial Day holiday in the US.
West Texas Intermediate crude oil fell significantly during the trading session on Friday, as the U.S. dollar continues to strengthen, and of course there is talk now that perhaps the production cuts coming out of OPEC's recent meetings may be coming to an end.
Adding to this, OPEC achieved its goal to trim OECD crude oil stocks to below the five-year average after agreeing to cut output more than a year ago, a senior OPEC source told S&P Global Platts on Monday.
Crude prices began falling when the Saudi oil minister told the St. Petersburg economic forum that Russian Federation and OPEC nations were in talks to increase their oil output. "Now the market is digesting that information".
Brent crude futures were up 31 cents, or 0.41%, at $75.61 a barrel early on Tuesday, after settling at their lowest since 8 May at $75.30. Futures are headed for a fifth straight session of declines, the longest such stretch since February 9. Prices dropped $2.83 to $67.88 on Friday, the biggest loss since July 5.
Brent crude futures LCOc1 were at $75.70 per barrel at 0655 GMT, down 74 cents, or 1 per cent, from their last close.
Among other energy contracts, June gasoline fell 1.7% to $2.144 a gallon, while June heating oil lost 1.1% to $2.186 a gallon. As a result of this, WTI often trades at a premium, usually by just a few dollars a barrel.
In China, Shanghai crude oil futures ISCc1 tumbled by 4.5 percent to 459 yuan ($71.83) per barrel.
Suhail Al Mazrouei, energy minister for the United Arab Emirates and current holder of OPEC's rotating presidency, said the group as a whole will decide whether to adjust production.
Zimbabwe's economy is directly affected in a negative way as all fuel companies have to adjust to this economic reality, with the increases impacting on consumers.
USA crude production C-OUT-T-EIA has already surged by more than 27 percent in the last two years, to 10.73 million barrels per day (bpd), bringing its output ever closer to Russia's 11 million bpd. With the mid-term elections for the houses of Congress due towards the end of this year, President Trump seems against a sharp ramp up in oil prices for fear of alienating his middle and working class voter base. Saudi Arabia and Russia's proposal to revive production signals supplies are now tight, and isn't a bearish development, Goldman Sachs Group analysts including Damien Courvalin wrote in a report. The announcement caused a commotion in the market due to the fact that this is the first time since 2016 that an increase in the production is made.
The Canadian government is likely to buy the Kinder Morgan Canada Ltd. Trans Mountain oil pipeline and its controversial expansion project in a bid to ensure it is built, according to a person familiar with talks. US crude CLc1 was up 40 cents at $67.13.