05:08 AM EDT, 05/14/2024 (MT Newswires) -- Crude oil prices edged lower early Tuesday after seeing gains the day before on signs of tightening supplies.

Brent crude was down 0.3% to US$83.08 per barrel and West Texas Intermediate crude fell 0.4% to US$78.84/b at last look early Tuesday. Investors are awaiting upcoming U.S. inflation indicators and a monthly report from the Organization of the Petroleum Exporting Countries this week, Reuters said in a Tuesday report.

Iraq's oil minister, Hayyan Abdul Ghani, said the country would follow any decision by OPEC at its June meeting regarding the extension of production cuts. However, the statement came after Iraq said it will not agree to additional cuts, ANZ Bank said in a Tuesday note. Iraq is the second largest producer in the group.

OPEC's supply policy continues to drive the market, with expectations that the group will extend output cuts until the end of the year, the bank noted. A Bloomberg survey showed 87% of respondents expect an extension.

The International Energy Agency had also previously warned OPEC that it should not take action that would push oil prices higher and boost inflation.