At 10:40 am (local time) New York's main oil futures contract, light sweet crude for delivery in June was down two cents to USD 62.24 per barrel from USD 62.26 per barrel in late US trades last day. Brent North Sea crude for June delivery rose three cents to USD 65.57 per barrel.

"The halting of some supply because of the Nigerian crisis was responsible for the rebound in prices yesterday," said Dariusz Kowalczyk, an investment strategist with CFC Seymour Securities in Hong Kong.

"Today... there is little movement in the market because investors are waiting for the weekly US inventories report, expecting gains in both crude and products and the first gain in gasoline inventories in many weeks. "Before the release of the report, investors probably don't want to take any position before the data. So we see some sideways trading."

The market is expecting the US data to show a gain of 0.9 million barrels in crude oil, an increase of 0.2 million barrels in gasoline (petrol) and a 0.5 million barrels expansion in distillates for the week ending 4th May. - DDNews India