Investing.com - Oil edged lower Tuesday ahead of the release of industry figures for U.S. inventories.
Brent crude was off 19 cents, or 0.34%, at $56.23 at 08:00 ET. U.S. crude shed 14 cents, or 0.26%, to $53.91.
American Petroleum Institute inventory figures are due out later in the session.
These will be followed Wednesday by official Energy Information Administration inventories.
Reuters quoted OPEC and industry sources as saying Saudi Arabia is targeting an oil price of $60 a barrel this year.
OPEC and non-OPEC producers are implementing agreed cuts of 1.8 million barrels a day in the first half of the year.
There has been talk of a possible extension of the cuts depending on how oil prices develop.
Initial compliance with the cuts has been estimated as high.
Increased North American shale could counteract the impact of the cuts.