Investing.com - Oil prices edged higher on Tuesday, rebounding from the prior session's losses as investors continued to ponder whether an OPEC-led production cut will be extended through the end of the year.
The U.S. West Texas Intermediate crude May contract tacked on 34 cents, or around 0.7%, to $48.07 a barrel by 4:30AM ET (08:30GMT). The U.S. benchmark lost 24 cents on Monday.
Elsewhere, Brent oil for June delivery on the ICE Futures Exchange in London added 30 cents to $51.20 a barrel after falling 5 cents in the prior session.
Iranian Oil Minister Bijan Zanganeh told reporters on Tuesday that a global oil cuts deal is likely to be extended, but that time is needed to discuss the subject thoroughly first.
OPEC agreed in November last year to curb its output by about 1.2 million barrels per day between January and June. Russia and 10 other non-OPEC producers have agreed to jointly cut by an additional 600,000 barrels per day.
In total, they agreed to reduce output by 1.8 million barrels per day to 32.5 million for the first six months of the year, but so far the move has had little impact on inventory levels.
A joint committee of ministers from OPEC and non-OPEC oil producers will meet in late April to present its recommendation on the fate of the pact. A final decision on whether or not to extend the deal beyond June will be taken by the oil cartel on May 25.
Oil has fallen sharply this month amid concern that the ongoing rebound in U.S. shale production could derail efforts by other major producers to rebalance global oil supply and demand.
Traders now looked ahead to weekly data from the U.S. on stockpiles of crude and refined products.
Industry group the American Petroleum Institute is due to release its weekly report at 4:30PM ET (20:30GMT) later on Tuesday. Official data from the Energy Information Administration will be released Wednesday, amid forecasts for an oil-stock rise of 1.2 million barrels.
Last week's numbers showed U.S. output helped boost crude inventories to record highs, feeding concerns about a global glut.
Elsewhere on Nymex, gasoline futures for May inched up 0.4 cents, or 0.3%, to $1.630 a gallon, while May heating oil advanced 0.7 cents to $1.516 a gallon.
Natural gas futures for May delivery shed 2.6 cents to $3.105 per million British thermal units.