After overcoming earlier losses, oil prices traded flat on Tuesday as concerns over weak global economic growth that could lower energy consumption outweighed Saudi Arabia's commitment to further limit output.

Brent crude futures steadied at $76.71 per barrel while US WTI advanced by 0.2% to $72.27 per barrel.

An increase in the price of oil for holders of foreign currencies might be a drag on demand for oil.

With recession worries mounting due to a widespread miss in the U.S. services PMI (Purchasing Managers' Index), which could allow the Fed to suspend raising interest rates, the market is still concentrated on the risk to demand.

Increased borrowing costs as a result of higher interest rates might slow the economy and lower demand for oil.

The market is anticipating data this week from the United States and China, which may reveal new signals of demand in the two countries that consume the most oil globally.