Oil ticked up further on Tuesday post recording over 1% slump during the earlier session, gains were capped by gloomy Chinese economic forecast and the raised disruptions in main producing regions spiked supply tensions.

Brent crude futures advanced by 0.1% to $82.48 per barrel, meanwhile US WTI rose by 0.3% at $77.02 per barrel.

The two contracts dipped over $1 on Monday as worsening real estate crisis in China raised demand concerns, upon the ruling of a Hong Kong court for China Evergrande, a property corporation, to be liquidated

Speaking of the supply aspect, it is improbable that OPEC+ will decide on its oil policy for April at its meeting on February 1, analysts are still holding out hope that it would reveal some information about production schedules.

In a statement about its expectations for future demand, Aramco stated that the energy ministry has instructed it to keep its maximum feasible level of sustanbility at 12 million barrels per day rather than raising it to 13 million barrels per day.