Oil up

Seoul : Oil prices rebounded on Tuesday on expectations that inventories in the United States may decline, but increasing U.S. production and concerns that OPEC may raise output continue to weigh on sentiment.

Brent crude futures added 25 cents, or 0.33 percent, to $75.53 a barrel by 0717 GMT, after settling down 2 percent at $75.29 on Monday.

U.S. West Texas Intermediate (WTI) crude was up 44 cents, or 0.68 percent, at $65.19 a barrel. It finished the previous session 1.6 percent lower at $64.75.

"It´s all about supply, whether it´s OPEC raising output or U.S. increasing production, all roads lead to higher global oil supplies, which is leaving oil traders shaking in their boots," said Stephen Innes, head of trading for Asia-Pacific at futures brokerage OANDA in Singapore.