Oil hovered near $75 today but remained within sight of an all-time high ahead of US data expected to show a further tightening of crude stocks in the world's top consumer.
US crude was 3 cents down at $75.06 a barrel by 1520 GMT, off highs of $75.38, while London Brent crude fell 7 cents to $73.85.
Crude inventories in the world's top consumer are expected to show a decline in a weekly report tomorrow after bad weather interfered with imports.
'An elevated number of refinery outages have continued to plague the market and with demand staying solid, inventories have fallen to critically low levels,' said a Barclays Capital report.
'We expect gasoline (petrol) prices to remain firm in the coming weeks, with some upside risk if inventory levels continue to move lower.'
Some analysts expect oil supplies to strain to match demand later this year unless the Organisation of the Petroleum Exporting Countries decides to increase production.
Comments from OPEC members suggest the group is likely to stick with existing output levels when it gathers on 11 September.
The general view in OPEC, which sets supply limits for 10 of its 12 members, is that an output boost would only add to already comfortable stock levels, an OPEC source said on Tuesday.
Prices have climbed 1.6% this week, towards a record high of $78.77 hit on 1 August, as Hurricane Felix threatened the Gulf of Mexico.
But Felix weakened to a tropical storm after hitting the Caribbean coastline of Nicaragua and Honduras.
