Oil prices were little changed on Tuesday as the market awaited direction from weekly U.S. inventory data and despite Kuwait joining top producers Saudi Arabia and Russia in support of prolonging supply cuts through March 2018.
"We expect a rangebound trade today with prices largely confining to yesterdays parameters as the market awaits another round of weekly stats," Jim Ritterbusch, president of Chicago-based energy advisory firm Ritterbusch & Associates, said in a note.
U.S. crude oil inventories were expected to fall by around 2.3 million barrels during the week ended May 12, according to a Reuters poll. That would be crude's sixth straight weekly decline after hitting a record high at the end of March.
The American Petroleum Institute was scheduled to release data for last week at 4:30 p.m. EDT (2030 GMT) on Tuesday, with the U.S. Energy Information Administration report due at 10:30 a.m. EDT (1430 GMT) on Wednesday.
U.S. West Texas Intermediate (WTI) crude futures ended Tuesday's session 19 cents lower at $48.66 a barrel. Brent crude futures fell 13 cents to $51.69 per barrel by 2:33 p.m. ET (1833 GMT). Both benchmarks have risen more than $5 since hitting five-month lows 11 days ago.