Crude oil traded slightly lower on Tuesday after losing nearly 2% during the previous session dampened by risk-on sentiment in the market.
In the Asian session, Brent crude oil futures were slightly gloomy at $95 a barrel, while US WTI traded around $90 a barrel.
Even so, both benchmarks are still hovering around one-month highs following big surges recorded last week.
The US dollar rose back to a 20-year high following encouraging NFP jobs data re-invigorating expectations of a sizeable hike in Federal Reserve (Fed) interest rates.
This led to fears of an economic slowdown following aggressive measures taken by the Fed to curb inflation.
However, at the same time oil prices are supported by rising tensions between Russia and Ukraine which could cause further supply disruptions.
Last week, OPEC+ agreed to cut production by 2 million barrels a day from November, which would be the most significant cut since the outbreak of the Covid-19 pandemic.
