Oil resumes losses ahead of US inventories data, OPEC meeting

Oil prices turned lower on Tuesday, building on losses from the previous session, amid anticipation of the next OPEC-Plus meeting later this week.

The American Petroleum Institute will release later today its preliminary data on US crude inventories, while the Energy Information Administration will reveal its official report tomorrow.

Markets are anticipating the global coalition of OPEC and non-OPEC producers, led by Russia, to discuss during their next meeting an output cut agreement, amid forecasts for a deep production cut agreement to balance the market.

The US Energy Information Administration cut its estimates for the average price of WTI crude and Brent during this year by 23% and 24%, respectively, from its last estimates in March.

WTI crude fell 2.4% to trade at $25.4 a barrel as of 17:17 GMT, after hitting a high of $27.2 and a low of $25.3.

Brent fell 0.7% to $32.8 a barrel, with a high of $34.1 and a low of $32.7.