Crude oil futures steadied on Tuesday afternoon following a choppy trading session, as worries over supply disruptions eased and the focus moved to increasing production and potential damage to global growth from the U.S.-China trade dispute.
U.S. light crude hit a more than three-week low at $67.03, before reversing losses to end the session up 2 cents higher at $68.08 a barrel. It lost 4.2 percent on Monday.
Benchmark Brent crude oil was up 49 cents at $72.33 a barrel by 2:26 p.m. ET after earlier falling to $71.35, its lowest since April 17. The contract fell 4.6 percent on Monday.
Supply disruptions in Venezuela returned to the forefront as two of the country's four crude upgraders are scheduled to undergo maintenance in the next few weeks. The units have the ability to process a combined 700,000 barrels per day, and are used to prepare extra-heavy oil for export.
The market is waiting for clear signals on supply, including whether the U.S. will release crude from its Strategic Petroleum Reserve and whether Libya’s oil production will rebound following military clashes in late June and early July, said Tariq Zahir, managing member at Tyche Capital in New York.