WASHINGTON (dpa-AFX) - Oil prices were slightly higher on Tuesday, after having fallen more than 5 percent over the past two trading sessions on a soft demand outlook in China.
Benchmark Brent crude futures rose 0.4 percent to $72.11 a barrel in European trade, while WTI crude futures were up 0.4 percent at $68.32.
The upside was capped by disappointment over China's stimulus plan unveiled during last weekend and concerns the market may flip to oversupply.
A stronger dollar is also making commodities, including oil more expensive for most buyers.
Amid a lack of positive triggers, investors now seek direction from OPEC's monthly report and the latest inventory data from the American Petroleum Institute and the Energy Information Administration.
A report from Bank of America said that non-OPEC crude supply will likely grow by 1.4 million barrels per day (bpd) in 2025 and 900,000 bpd in 2026.
Traders also seek clarity on U.S. President-elect Donald Trump's policy proposals on global geopolitics, U.S.-China relations, NATO, immigration, and economic policies.
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