Oil prices edged up in volatile trading on Tuesday, rebounding from six days of losses, ahead of U.S. crude inventory data forecast to show a draw down. U.S. crude futures settled up 33 cents to $49.56 a barrel, breaking a streak that saw the benchmark lose 7.4 percent. Brent crude settled up 50 cents at $52.10 a barrel. Analysts forecast U.S. crude oil stocks to fall by 1.6 million barrels in the most recent week. The industry group American Petroleum Institute (API) is due to release its inventory figures at 4:30 p.m. EDT (2030 GMT). 

The figures are a precursor to data from the U.S. Department of Energy's Energy Information Administration. Brent is down about 5 percent since early December, when the Organization of the Petroleum Exporting Countries and Russia agreed to cut output by 1.8 million barrels per day (bpd) in the first half of the year.

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