Investing.com - Oil was higher Tuesday on talk of a possible extension of the output cuts agreed by major producers.
U.S. crude was up 37 cents, or 0.76%, at $49.28 at 08:00 ET. Brent crude rose 38 cents, or 0.74%, to $52.00.
OPEC and non-OPEC producers are cutting output by 1.8 million barrels a day in the first half.
But the reduction in output has so far failed to re-balance the oil market as U.S. output increases.
Oil had fallen Monday as Baker Hughes data showed a further rise in the number of rigs operating in the U.S.
American Petroleum Institute U.S. crude stocks figures are due out later in the session.
These will be followed Wednesday by official Energy Information Administration inventories.