U.S. oil closed lower on Tuesday, after UAE Oil Minister Suhail bin Mohammed al-Mazroui said he was happy with the oil market, noting that prices had been correcting higher.
"We are optimistic. We are seeing that the market is correcting upward," Mazroui told reporters in Vienna.
Oil ministers from the Organization of the Petroleum Exporting Countries meet on Thursday in the Austrian capital.
That said, oil posted its fourth straight monthly gain, with investors betting on higher U.S. fuel demand as peak driving season arrived in the No. 1 oil consumer.
Data from market intelligence firm Genscape showed a drawdown of 686,700 barrels at the Cushing, Oklahoma delivery point for U.S. crude futures in the week to May 27, traders said, a report that provided further support to oil.
Strong U.S. consumer spending data also supported oil prices, despite concerns that a robust economy could encourage the Federal Reserve to raise interest rates soon.