Tuesday saw a little increase in oil prices as concerns over supply due to a hurricane headed for the U.S. Gulf Coast curbed gloomy sentiment regarding the likelihood of another U.S. interest rate hike undermining demand.

Brent crude ticked up by 63 cents higher at $85.05 per barrel by meanwhile U.S. West Texas Intermediate crude added 57 cents to $80.67 a barrel.

Caribbean Storm on Monday, Idalia pounded western Cuba and was nearly a hurricane as it moved toward Florida. On the eastern part of the U.S. Gulf Coast, the storm may affect petroleum production and result in power disruptions.

Due to a deepening real estate slump, sluggish consumer spending, and declining credit growth, China's post-pandemic economic rebounding has stalled, prompting Beijing to lower key policy rates to support activity in the world's largest oil importer.

In order to predict the direction of interest rates this year and the next, attention will also be paid to economic statistics from important economies later this week.