Oil edged higher in London ahead of key US energy inventory data to be released later today.
The market is focused on US petrol stocks, which remain at a five year low despite building over the last four weeks, as the peak demand summer driving season gets underway.
US gasoline stocks are predicted to have risen slightly for the fifth consecutive week to June 1st, but analysts believe the risk of a shortfall remains.
"Data in the US is forecast to show a small build in the gasoline component of stock," said Paul Harris, an analyst at Bank of Ireland. "But the prospect of a dip may push oil through the $71 barrier by the end of today's session."
At 9.49 am, benchmark Brent crude contracts for July delivery were up 14 cents at $70.59 per barrel, while New York crude contracts for July delivery were down 1 cents at $65.60 per barrel.
Oil came under slight pressure yesterday as fears eased over the risk posed to Middle East oil supplies by Tropical Cyclone Gonu, after it turned away from key producers Saudi Arabia and the United Arab Emirates.
Prices had risen by over a dollar on Monday on the back of the storm, however they failed to give back all of their gains yesterday, as a degree of risk to oil production in those countries bordering the Arabian Sea remains.