Crude oil traded steady in a slow trading session on Tuesday as investors took a cautious step ahead of policy meetings of major central banks later this week.
In the European session, Brent oil futures traded little changed at $92 a barrel, while US WTI oil traded hovering around $85 a barrel.
Overall, the movement of oil prices was almost unchanged although in the previous European session it can be seen that both benchmarks recorded a decrease, but the price rose back to the same level in the New York session.
Factors influencing oil trade appear to be balanced following the reopening of the Chinese city of Chengdu from a Covid-19 lockdown on Monday, raising hopes for a recovery in demand.
However, expected interest rate hikes by the Federal Reserve (Fed) and the central bank of England (BOE) are seen to curb demand and cloud the outlook for global growth.
On the supply side, the United States said it would withdraw an additional 10 million barrels of oil from its strategic reserves as the European Union's ban on Russian oil takes effect in December.
