On Tuesday, crude oil prices remained weak in Asia ahead of industry assessments of U.S. stocks.
The American Petroleum Institute issues its estimates of crude, gasoline and distillates stock at the end of the previous week late on Tuesday. On Wednesday, more closely observed data from the U.S. Department of Energy is due.
The delivery of crude oil in May on the New York Mercantile Exchange reduced 0.27 percent to $40.24 per barrel. Brent crude decline 0.30 percent to $42.70 per barrel.
On Monday, oil prices reversed initial damages to trade in positive territory after Russia stated its crude production would stay flat in the coming year.
Oil upsurge after Russian Energy Minister Alexander Novak stated Russian oil output is seen unmoved in 2017 in comparison to a projected surge in 2016.
Oil prices had glided earlier in the day after market analysts advised that a meeting of the main oil producers in Doha later this month would have a partial result on curbing worldwide overproduction.
Barclays said the outcome of the producer meeting, scheduled in Qatar for April 17, would have a limited influence on supply, assumed that the producers that have the potential to produce output (Iraq, Iran) are not included in the freeze.
Furthermore, Goldman Sachs noted that a production freeze at current output levels would not speed up the rebalancing of the oil market.
Oil prices have recovered from 12-year declines hit in February with anticipations that key producers will approve on a plan to cap production in order to deal with global oversupply playing the most important part in the recovery.
Worldwide overproduction is presently assessed at approximately 1 million barrels per day in surplus of demand.
Signs that U.S. shale oil producers are cost cutting on drilling activity have also increased prices.
On Friday, oil prices recovered, after data presenting that U.S. crude inventories and the U.S. oil-rig count decline.
Baker Hughes stated that the number of U.S. oil-drilling rigs, observed as a proxy for activity in the sector, drop by eight to 354 in the current week.
In the week ended April 1, U.S. crude stocks drop by 4.9 million barrels. However, according to the U.S. energy department, U.S. crude oil inventories are standing at 529.9 million barrels, historically peak levels for this time of year.