West Texas Intermediate (WTI), the U.S. crude benchmark, was trading around $62.40 during Asian trading hours on Tuesday. OPEC+ reached a consensus on Saturday to increase production by 411,000 barrels per day in July. Previously, the group had also implemented production increases in May and June. The group said in a statement that its decision to increase production was based on "a stable global economic outlook and current healthy market fundamentals, especially low inventory levels."

At the same time, escalating geopolitical tensions in the Middle East have increased uncertainty about global oil and gas supplies, which has also driven WTI crude oil prices to a certain extent. According to Reuters on Monday night, Iran is ready to reject a U.S. proposal to end decades of nuclear energy disputes because the U.S. draft requires Iran to suspend uranium enrichment activities in its own country.

Oil traders are closely watching the U.S. May employment report, which will be released on Friday. The report may provide some clues about the state of the U.S. economy and the trend of interest rates. If the data shows stronger results than expected, it may boost the U.S. dollar exchange rate, thereby limiting the upside of commodity prices such as oil denominated in dollars.