Tuesday saw a little increase in oil prices as traders focused on production curbs by the world's two largest oil exporters, Saudi Arabia and Russia, as well as a weaker dollar. This helped oil prices recover some of the losses from the previous session.

Brent crude futures rose added 0.4% to $78 per barrel meanwhile U.S. West Texas Intermediate crude ticked up by 0.5% at $73.34 per barrel.

The major oil exporters in the world, Saudi Arabia and Russia, have agreed to supply restrictions in August. This has helped to raise benchmark prices, which were also boosted by the U.S. dollar's two-month low. A declining dollar lowers the cost of crude for owners of foreign currencies and frequently increases demand for oil.

While central bank officials stated that the U.S. Federal Reserve will probably need to raise interest rates even further in order to reduce inflation, markets took solace in signs that the authorities also believed the current cycle of tightening monetary policy was nearing its conclusion.

According to Tina Teng, an analyst at CMC Markets, China's plan to increase support for its real estate sector in an effort to further bolster confidence is contributing to the rise in oil prices.