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US West Texas Intermediate (WTI) crude was down $1.05 or 1.55% at $66.83 a barrel, sitting near its lowest since April 17.

The Saudis also have to balance the geopolitics of oil, striking a balance between their need for relatively high prices against the support of U.S. President Donald Trump in their struggle against regional rival Iran. While this strategy has certainly helped the central government reinforce federal coffers, the recent increase in crude oil has made fuel more expensive than ever before.

USA oil production has surged by more than 27% in the last two years to 10.73 million bpd.

Additionally, ongoing disruptions in economically fragile OPEC member Venezuela and potential losses from fellow group member Iran because of renewed US sanctions on the Islamic Republic are likely to partially offset this higher supply, the bank said.

Monday May 28 saw another price tumble for oil prices, after crashing down last Friday.

The plan for OPEC and its allies to boost output once more follows growing concerns that oil prices at current high levels will erode consumption, and that Venezuelan and Iranian barrels being removed from the global market will create a demand and supply deficit. The joints efforts managed to buoy the oil prices into interstellar prices.

The sides started withholding supplies previous year to tighten the market and prop up prices, which in 2016 fell to their lowest in more than a decade to less than $30 per barrel.

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Still, there are some concerns surrounding political turmoil in Italy, and the potential for further instability there rattled the stock market and raised concerns over a possibly decline in European oil demand, said Flynn.

OPEC, Russia higher output weighs on crude oil prices.

"It is the intent of all producers to ensure that the oil market remains healthy, and if that means adjusting our policy in June, we are certainly prepared to do it", Al-Falih said.

OPEC oil producers and Russian Federation are due to meet in Vienna on June 22 to discuss easing self-imposed supply caps, which have been in place since 2017.

The creation of strategic petroleum reserve (SPR) is founded on several joint worldwide studies, the DoE's Oil Industry Management Bureau said.

Crude oil futures were hammered Tuesday in catch-up trade after the Memorial Day break.

API, EIA, US oil rig count next of relevance later in the week. USA production broke 10 million bpd for the first time in 48 years in November. Without compensating supply from other members, this number looks likely to expand as the United States reimposes sanctions on Iran and the collapse of Venezuela's oil industry worsens. Subtropical Storm Alberto lost strength as it came ashore near Laguna Beach in Florida, bringing heavy rains that threaten the U.S. South with economic losses of $1 billion.