Oil battled to find a guide for prices on Tuesday, weighed by bolstered hopes on the Chinese demand, the upcoming interest rate hikes and the unclearity of the supply.

U.S. crude futures edged up by 0.3% at $76.78 per barrel, meanwhile the Brent contract slipped 0.9% to $83.30 a barrel. 

The earlier week has been intense for the crude market due to concerns that persistent inflation in the U.S may push Fed towards hiking the interest rate for a longer period of time than initially anticipated.

Higher rates are anticipated to have a negative impact on economic growth this year, which will consequently reduce demand for crude.

Russia declared previously this month that it has intentions for trimming the output for the upcoming month by 500,000 bpd.The trim is a response  to OPEC+ earlier decision to decrease the output by 2 million bpd.