Opec members are to have an informal meeting on the sidelines of the International Energy Forum, which groups producers and consumers, in Algeria from 26 – 28 September. Some Opec officials had said a revival of talks on a global oil production freeze could be discussed at the meeting if oil prices weaken.

The upward momentum was offset by news that the Louisiana Offshore Oil Port in the US will have an additional 2.5 million barrels in oil capacity by April 2017.

London Brent crude for October delivery was down 19 cents at $45.20 a barrel early on Tuesday, after settling up $1.12, or 2.5%, on Monday.

Nymex crude for September delivery was down 19 cents at $42.83 a barrel, after closing up $1.22, or 2.9%, on Monday.

Market intelligence firm Genscape reported a build of more than 307,000 barrels at the Cushing, Oklahoma delivery hub for WTI futures in the week to 5 August, traders said, even as analysts forecast a total US crude inventory drop of 1 million barrels.