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Oil is wasting its early gains as US supplies increase
Oil spilled early gains on Tuesday as investors worried about increased US production, which outpaced signals of strong demand and a belief in Opec's production curbs on supply curbs.
US WTI crude for delivery in April fell 15 cents, or 0.2 percent, to $ 63.76 a barrel by 0532 GMT. The contract rose to a two-day high of $ 64.24 a barrel on Feb. 6.
Global Brent crude was down 10 cents, or 0.2 percent, at $ 67.40 per barrel.
US oil production is overshadowed by global oil markets and other major producers, including Russia and members of the Organization of the Petroleum Exporting Countries (OPEC), are constraining production levels to help prices rise.
The United States will overtake Russia as the world's largest oil producer by 2019 at the latest, the International Energy Agency (IEA) chief said on Tuesday.
According to the weekly government data published on Thursday, US production was 10.27 million barrels per day, a level higher than the latest data for Saudi Arabia, the world's largest exporter of crude.
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