Oil futures were down in early trading hours on Wednesday, with market players looking ahead to official inventory data from the US Energy Department later in the day.
The US West Texas Intermediate crude contracts were down 0.09 percent to $67.64 per barrel as of 08:30 GMT. Meanwhile, Brent futures were 0.04 percent lower at $73.83 a barrel.
Crude benchmarks settled lower on Tuesday following hints that the US and France were close to reach an agreement to keep the Iran nuclear deal in place.
French President Emmanuel Macron proposed new terms that will keep Iran away from its nuclear activity until 2025, while putting an end to the country’s ballistic missile program.
News pushed some investors out of their long positions on crude as instability and expectations of output disruptions and cuts were keeping sentiment high in the last few sessions.
However, gains on crude were capped by rising expectations that the Organization of the Petroleum Exporting Countries will keep contributing to market rebalance in the near future.
In November 2016, OPEC and a group of non-OPEC producers led by Russia agreed to reduce output by 1.8 million barrels per day (bpd) to push down global inventories.
The US Energy Information Administration will publish its weekly report on crude and refined products as of 14:30 GMT. API and EIA reports can often differ.