Fox News contributor John Layfield on the impact of rising oil prices on the US economy.
The Organization of the Petroleum Exporting Countries and some non-OPEC producers, including Russian Federation, started withholding output in 2017 to reduce a supply overhang and prices have risen by around 60 percent over the a year ago.
OPEC and other producers will meet on June 22-23 in Vienna to discuss future production policy.
Benchmark Brent crude oil was down 35 cents at $75.53 a barrel by 0730 GMT.
Dutch bank ING, however, said some OPEC members would "struggle to push production back to October 2016 levels".
In April Saudi Energy Minister Khaled al-Faleh said the global market has the capacity to absorb higher oil prices - a remark that drew a swift reaction Trump. In late May, that decline reversed and the price oil declined as Russian Federation and Saudi Arabia indicated a willingness to accept lower prices.
United States crude oil production for yet another week for week ending June 01-the most recent data available-increased to 10.800 million bpd, according to the EIA.
Lukman Otunuga, analyst at futures brokerage FXTM, said higher oil production and forecasts of more to come were undermining prices.
In the United States, the American Petroleum Institute said on Tuesday that crude oil inventories rose by 830,000 barrels in the week to June 8, to 433.7 million.
Rising US stocks are in part a result of the surge in US crude oil production, which has jumped by nearly a third in the last two years to a record 10.8 million barrels per day (bpd).
While Nigeria reported diminishing oil exports in the wake of force majeure on Bonny Light oil, both Saudi Arabia and Russian Federation this week reported increased oil production for the month of May, at 10.0 million bpd and 11.09 million bpd respectively, sending mixed signals to the oil market.
Official US production and inventory data is due to be published on Wednesday by the Energy Information Administration.