Oil rebounded near $65 a barrel after retreating below a key technical level, with more price volatility seen before a meeting between OPEC and its allies later in June when they will discuss their output curbs.
Futures in New York rose as much as 0.7 percent following a 5.1 percent drop in the past three sessions. They are gaining after closing below their 100-daymoving average on Monday for the first time since September, and a gauge of oil volatility is near the highest level in almost four months. Meanwhile, OPEC pumped 31.9 million barrels a day last month, unchanged from April when production was the lowest in a year, according to a Bloomberg survey.
West Texas Intermediate for July delivery climbed as much as 42 cents to $65.17 a barrel on the New York Mercantile Exchange and traded at $65.13 at 10:51 a.m. in Tokyo. The contract dropped $1.06, or 1.6 percent, to $64.75 on Monday. Total volume traded was about 59 percent below the 100-day average.