Oil was modestly higher in Asian trade today ahead of the release of a widely monitored US government report on the country's energy reserves.
New York's main contract, light sweet crude for September delivery rose 20 cents to $71.62 a barrel.
Brent North Sea crude for September delivery was 28 cents stronger at $74.56.
"There's been very limited movements in the oil prices," said David Moore, a Sydney-based commodity strategist with the Commonwealth Bank of Australia.
"Oil is basically holding close to the levels it finished last night," he said.
Both contracts had slipped overnight on profit-taking after sharp gains in recent sessions, boosted by hopes of a global economic recovery but expectations of a likely rise in US energy stocks capped sentiment, analysts said.
"Traders are liquidating ahead of inventory data... traders don't want to risk being long if stock reports will be bearish again," said Tom Bentz, an analyst and broker at BNP Paribas Commodity Futures Inc.
A Dow Jones Newswires poll of analysts tipped US oil stocks to rise by 500,000 barrels in the week ended July 31 while gasoline reserves are seen falling by 1.4 million barrels during the same period.