As investors continued to be pessimistic about China's economic woes stifling demand from the largest crude importer in the world and limiting the effect of supply reduction, oil prices barely changed on Tuesday.

Brent crude dipped by 29 cents at $84.17 per barrel, meanwhile U.S WTI dropped 22 cents to $79.90 per barrel.

On a very small number of deals, the front-month WTI contract, which is due to expire soon, was down 4 cents at $80.68 per barrel.

China, is thought to be crucial to bolstering oil demand for the remainder of the year.

However, the slow economic growth of the nation has disappointed markets following a post-COVID reopening boost, and the government's promises to support recovery have thus far fallen short of projections, including a smaller-than-predicted decrease in a significant lending benchmark on Monday.

The likelihood of another rate hike in the United States, the largest oil user in the world, which central bank officials haven't ruled out given ongoing inflation, is escalating fears about demand.