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Oil prices held steady on Tuesday as investors assessed the outlook for oil demand due to a potential recession in Europe and the U.S.
The dollar's weakness and hopes of a fuel demand recovery from top importer China helped to cap losses, if any.
Benchmark Brent crude futures slipped 0.1 percent to $88.13 per dollar, while WTI crude futures were virtually unchanged at 81.62.
With several Fed officials hinting at a slowing of the pace of rate hikes in recent days, traders now bet on a unicorn-like "soft landing" for the U.S. economy. The euro zone economy swung to expansion in January, a purchasing managers survey showed today, adding to signs that the region could face a milder-than-expected downturn this winter.
As the oil market tightens, economists at Commerzbank expect to see Brent prices of $100 in the second half of the year. However, analysts say that the oil market is still likely to be oversupplies in the short term.
