Brent crude futures for October were at $85.30 a barrel at 0135 GMT, down 13 cents or 0.15% lower from its close. Front-month Brent settled at its highest since April 13 on Monday.
U.S. West Texas Intermediate crude was at $81.69 a barrel, down 0.1% or 11 cents from the previous session's settlement, which was its highest since April 14. "Oil prices are on track to hit 2023 price highs in our view. The Organization of Petroleum Exporting Countries meeting this Friday is a potential catalyst for the outlook where we expect Saudi Arabia's voluntary supply cuts to be extended another month," said National Australia Bank analysts in a Tuesday note.
In June, the Organization of the Petroleum Exporting Countries and its allies including Russia, known as OPEC+ agreed on a broad deal to limit oil supply into 2024, and Saudi Arabia pledged an additional voluntary cut for July.
U.S. crude oil and gasoline stockpiles were expected to have declined last week, according to a Reuters poll which estimated on average that crude inventories fell by about 900,000 barrels in the week to July 28.
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