Oil prices barely moved on Tuesday, in the face of ongoing Middle East tension, uncertainly around OPEC+'s voluntary output cutbacks and unimpressive U.S. economic figures.

Brent crude edged down 1 cent to $78.02 per barrel meanwhile US WTI added 5 cents at $73.09 per barrel.

According to Kelvin Wong, senior market analyst for Asia-Pacific at OANDA, remarks made by Saudi Arabia's oil minister suggesting that OPEC+ output curbs would extend until the first quarter of 2024, if necessary, provided some market support.

The earlier trading session saw a decrease in oil prices as traders questioned if production curbs by OPEC+ would have a major effect. Additionally, the higher US currency also affected commodities prices more broadly.

The price of oil for holders of foreign currencies is usually increased by a solid greenback, which may reduce the demand for oil.

On Thursday, OPEC+came to an agreement to implement voluntary output cuts totalling approximately 2.2 million barrels per day (bpd) for the Q1 of 2024. Saudi Arabia took the lead in carrying over its existing voluntary trim.