Oil prices were little changed on Tuesday, with US crude still within sight of its record high as traders feared further declines in hefty US crude stocks. US crude eased 16 cents to $76.67 a barrel, adding to Monday's 19-cent decline after a day of volatile trade that saw prices swing between $76.05 to $77.33.
But after a seven-week, $12 rally fuelled by US refinery troubles, a spurt of renewed fund investment and Opec's adherence to supply curbs, prices remain within shouting distance of last July's all-time high $78.40 a barrel.
London's Brent crude slipped 14 cents to $75.60 a barrel, retaining a more than $1 discount to the US marker. "Oil prices are modestly lower but I think upward price pressures remain fairly strong," said David Moore, an oil and gas analyst at Commonwealth Bank of Australia.
"Statements from Opec officials still do not point to an early increase in production and there are concerns of a relatively tight supply situation later this year." Weekly US oil inventory data on Wednesday may provide more ammunition for bullish traders, with analysts expecting a further 1.1 million barrel decline in crude stocks, according to a preliminary Reuters poll.
Gasoline stocks output at its next scheduled meeting on September 11. Robust United States economic data showing gross domestic product rose at a 3.4 percent annual rate, the fastest since the first quarter of 2006, has helped oil shake off some of the anxiety brought on by last week's two-day rout in global equity markets.