Oil prices were mixed in early trade this morning, but remained under pressure from expectations that Saudi Arabia and Russia would pump more crude to ease a potential shortfall in supply.
Brent crude futures were up 21 cents, or 0.28%, at $75.51 a barrel after settling at their lowest since May 8 at $75.30.
US West Texas Intermediate (WTI) crude was down $1.11, or 1.64%, at $66.77 a barrel, sitting around its lowest since April 17.
Analysts said that while investors have started pricing in the likelihood of Saudi Arabia and Russia increasing crude oil production, doubts remains with any agreement to be finalised at the June OPEC meeting.
Concerns that Saudi Arabia and Russia could boost output have put downward pressures on oil prices, along with rising oil production in the US.
Saudi Arabia and Russia have discussed raising OPEC and non-OPEC oil production by some 1 million barrels a day to make up potential supply shortfalls from Venezuela and Iran.
The Organisation of the Petroleum Exporting Countries (OPEC) is due to meet in Vienna on June 22.
The spread between Brent and WTI stands at around $8.7 a barrel, the widest since March 2015 due to the depressed price of US crude compared to Brent.
Meanwhile, record crude oil volumes from the US are expected to head to Asia in coming months, nibbling away the market share of OPEC and Russia.
US oil production has surged by more than 27% in the last two years to 10.73 million barrels per day (bpd).
That puts the US ahead of top exporter Saudi Arabia, and only Russia pumps out more, at around 11 million bpd.