Tuesday saw an increase in oil prices for the third session in a row due to evidence of tighter supply and promises from Chinese authorities to support the country's second-largest economy.

Brent futures edged up by 0.3% to $82.96 per barrel, meanwhile US WTI added 0.3% to $78.97 per barrel.

OPEC+ have already curtailed production, which has caused the oil benchmarks to rise for four weeks in a row. Supplies are anticipated to tighten as a result. According to some observers, it might grow further in the near future.

China, promised to intensify policy assistance for the economy amid a difficult post-COVID recovery, concentrating on increasing domestic demand.

Business activity in the euro zone decreased significantly more than anticipated in July as demand in the region's main services sector decreased and factory output decreased at the highest rate since the start of COVID-19, according to a survey.

Business activity in the United States edged lower to the lowest level in 5 months in July, triggered down by sluggish service sector expansion, according to closely watched survey data. However, declining input prices and slower hiring suggest the Federal Reserve may be making progress on key fronts in its fight against inflation.