Oil was steady in early Asian trade as producers alliance OPEC tried to avoid a collapse in prices, along with a slight softening of the U.S. dollar, tempered by an earlier selloff.
Brent crude futures increased 26 cents, or 0.3 per cent, to $84.32 per barrel by 0033 GMT, while U.S. West Texas Intermediate WTI crude futures were up 19 cents at $76.90 per barrel. Both benchmarks fell by about $2 a barrel on Monday, largely due to U.S. dollar strength.
Iraq's Oil Minister Ihsan Abdul Jabbar said on Monday that the Organization of the Petroleum Exporting Countries OPEC and allies, including Russia, were monitoring the oil price situation and wanted to maintain balance in the markets.
He said in an interview with Iraqi state TV that we don't want a collapse in oil prices.
Abdul Jabbar's comments helped to support oil, which settled at nine-month lows, largely due to the surging U.S. dollar.
OPEC has boosted output this year after record cuts were put in place in 2020 due to demand destruction caused by the COVID-19 pandemic. The organization didn't meet its planned output increases in recent months.
The easing of the U.S. dollar, which trades inversely with oil, helped to support prices. The US dollar was at its strongest level since May 2002, as it weakened in post-settlement trade.
There was no certainty over supply disruptions caused by the Russia-Ukraine war, along with tighter monetary policy around the world that threatens economic downturns, which kept prices from moving higher.