Oil prices rose on Tuesday as bargain hunters helped them regain some of the ground lost the day before, but gains were modest as investors are still wary before the US Federal Reserve and other central banks' important policy announcements

Brent crude edged up by 0.7% to $72.34 per barrel, meanwhile US WTI added 0.5% to $67.47 per barrel.

In the wake of increased global supply and worries about demand growth shortly before significant inflation data and a two-day Fed monetary policy meeting ending on Wednesday, both benchmarks fell by approximately $3 a barrel on Monday.

Because of China's sputtering economic recovery, he continued, oil prices could drop much more. He forecast that WTI would primarily trade below $70 per barrel during the summer, but would range from $62.50 to $75.

The majority of market participants anticipate that the US Federal Reserve will maintain current interest rates during its policy meeting. Rate increases by the Fed have made goods denominated in dollars more expensive for holders of other currencies, which has a negative impact on prices.