A possible sign of weak demand, U.S. crude inventories rose 3.6 million barrels in the week ending May 5, while gasoline inventories rose 399,000 barrels, according to the American Petroleum Institute, Tuesday.
US government data on oil inventories is expected to be released on Wednesday.
Meanwhile, the market awaits US CPI numbers for April, which are due out on Wednesday.
price movement
Brent crude fell 53 cents, or 0.7%, to $76.91 a barrel at 0249 GMT, and U.S. West Texas Intermediate crude fell 53 cents, or 0.73%, to $73.18 , trimming gains from the previous session, according to Reuters data.
Meanwhile, New York Federal Reserve Chairman John Williams said inflation remained very high and the central bank would raise interest rates again if needed.
Markets were also watching statements by U.S. President Joe Biden and senior Republican lawmakers about raising the U.S. debt ceiling to $31.4 trillion amid fears of an unprecedented default if Congress does not act within the three weeks.
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