Oil prices eked out modestly gains on Tuesday ahead of a key meeting by major oil producers.
The West Texas Intermediate for September delivery added 53 cents, or 0.6 percent, to settle at 94.42 U.S. dollars a barrel on the New York Mercantile Exchange. Brent crude for October delivery increased 51 cents, or 0.5 percent, to close at 100.54 dollars a barrel on the London ICE Futures Exchange.
Traders looked to the Organization of the Petroleum Exporting Countries and its allies, collectively known as OPEC+, as the group is expected to meet on Wednesday to discuss future output strategy.
On Monday, oil prices fell sharply with the U.S. crude benchmark and Brent shedding 4.8 percent and 3.8 percent, respectively, as investors grew fearful that slowing global growth would hurt energy demand.