Investing.com - Oil prices rebounded from the prior day's losses on Tuesday, as market players looked ahead to the release of fresh weekly data on U.S. commercial crude inventories.
U.S. West Texas Intermediate crude futures for March delivery on the New York Mercantile Exchange tacked on 52 cents, or around 1%, to $52.51 a barrel by 8:20AM ET (13:20 GMT).
Elsewhere, Brent oil for April delivery on the ICE (NYSE:ICE) Futures Exchange in London inched up 60 cents, or about 1%, to $60.41 a barrel.
The American Petroleum Institute is due to release its weekly report for the week ended Jan. 25 at 4:30PM ET (21:30 GMT).
The U.S. Energy Information Administration's weekly report will be released on Wednesday.
Meanwhile, oil traders continued to monitor developments in Venezuela after the U.S. Treasury Department imposed sanctions on Venezuelan state-owned oil firm PDVSA.
"As a result of today's action, all property and interests in property of PDVSA subject to U.S. jurisdiction are blocked, and U.S. persons are generally prohibited from engaging in transactions with them," the U.S. Treasury said late on Monday.
The move, which National Security John Bolton said would cost Venezuela as much as $11 billion a year, is aimed at pressuring President Nicolas Maduro into stepping down following a disputed election battle with rival Juan Guaido.
In other energy trading, gasoline futures added 0.4% to $1.357 a gallon, while heating oil rose 1.5% to $1.863 a gallon.
Natural gas futures advanced 0.5% to $2.886 per million British thermal units.
-- Reuters contributed to this report