Investing.com - Oil prices were steady on Tuesday, as investors looked ahead to a flurry of data on Wednesday.
Crude oil futures rose 0.75% to $63.48 a barrel by 10:32 AM ET (14:32 GMT).
Brent crude futures, the benchmark for oil prices outside the U.S., was up 39 cents, or 0.58%, to $68.03 a barrel after falling more than 2% the day before.
Investors are looking ahead to Wednesday, when the weekly oil data from the U.S. Energy Information Administration is released.
The report, which includes production figures, will provide traders a better look at where prices are headed. A dip in drilling activity could imply the rise of U.S. production is tapering off, while a rise would cause concern that the world supply glut will continue.
The price of oil was supported by data last week that showed U.S. drilling activity had declined for the first time in three weeks.
Energy services firm Baker Hughes on Thursday reported that the number of active U.S. rigs drilling for oil fell by seven to 797.
The report eased worry that U.S. shale oil production would derail efforts by the Organization of the Petroleum Exporting Countries’ to curb supply.
OPEC has been cutting crude output by 1.8 million barrels per day (bpd) to prop up oil prices. The pact began in January 2017 and is set to expire at the end of 2018 but de-facto leader Saudi Arabia is pushing for the cuts to extend into 2019.
In other energy trading, Gasoline RBOB Futures increased 0.92% at $1.9867 a gallon, while heating oil gained 0.444% to $1.9889 a gallon. Natural gas futures inched up 0.11% to $2.686 per million British thermal units.