2019.08.2006:24:00UTC+00Oil Prices Hold Steady After Rally

Oil prices held steady on Tuesday after sharp gains in the previous session following a weekend attack on a Saudi oil facility by Yemeni separatists.

Benchmark Brent crude traded flat at $59.74 a barrel, after climbing around 1.9 percent on Monday. U.S. crude futures were marginally higher at $56.16 a barrel, after rallying 2.4 percent the previous day.

Oil prices remain supported by talk of more stimulus from central banks and signs of a possible thaw in the ongoing trade war between the world's two largest economies.

The Trump administration once again delayed restrictions on Chinese tech giant Huawei for another 90 days, helping raise hopes for a de-escalation in the U.S.-China trade dispute.

China's central bank has changed the way commercial lenders set interest rates for loans - a move expected to ensure lower lending rates at a time when investors remain concerned that U.S. President Trump's trade war with China is undermining global economic growth.

Germany's right-left coalition government is getting ready to act to shore up Europe's largest economy to counter a possible recession.

Finnish central bank governor Olli Rehn said on Monday that the European Central Bank (ECB) is determined to act if the medium-term inflation outlook continues to fall short of the ECB's aim.

Inventory data from the American Petroleum Institute (API), an industry group, will be released later today while the EIA crude oil inventory report is due to be released on Wednesday.