Investing.com - Oil prices fell on Tuesday amid fears that a rebound since February is tapering out and as traders turned their attention to U.S. inventory data, amid expectations for another increase to record highs.
Crude oil for May delivery on the New York Mercantile Exchange declined 60 cents, or 1.52%, to trade at $38.79 a barrel by 10.21 GMT after ending the previous session down 7 cents at $39.39.
Global benchmark Brent fell 74 cents to $40.13.
Oil prices have rebounded around 45% from 12-year lows hit in February with hopes that key producers will agree on a plan to cap output in order to tackle a global glut playing a major part in the recovery.
Indications that U.S. shale oil producers are cutting back on drilling activity have also boosted prices.
But doubts have re-emerged after U.S. crude inventories jumped to record highs last week, underlining concerns about oversupply.
The American Petroleum Institute will release its weekly inventory data on Tuesday at 20.30 GMT, while the U.S. Department of Energy's Energy Information Administration will publish its report on Wednesday at 14.30 GMT.
Analysts expect the EIA report to show a supply build of 3.16 million barrels after an increase of 9.4 million barrels last week to an all-time high of 532.5 million barrels.