Crude pushed higher after Saudi Arabia pledged not to flood world markets with oil.
Oil slipped below $68 a barrel toward its lowest level in almost a month.
U.S. inventories forecast to have fallen over 3m bbl last week.
Futures in New York slid as much as 0.8 percent, after falling 3.8 percent last week.
Crude pared losses after government data showed biggest decline in oil inventories since September 2016.
The U.S. sees oil output rising next year amid transportation logjams in the country’s most prolific shale play.
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Oil is poised for the longest run of quarterly gain in eight years.
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Brent crude oil fell to below $74 a barrel as OPEC and its allies inched closer to reaching an agreement.
Futures in New York were little changed.
WTI trades little changed after gaining 1.2 percent on Monday.
Crude has dropped more than 10 percent from late May