Oil prices pared earlier losses to inch up during trade on Tuesday, despite concerns over a potential U.S. recession, the impact of tariffs on global growth and as OPEC+ sets its sight on ramping up supply.

Brent futures edged up 18 cents, or 0.3%, to $69.46 a barrel at 0640 GMT after falling in early trade. U.S. West Texas Intermediate crude futures rose 9 cents, or 0.1%, to $66.12 a barrel after previous declines as well.

Despite the market noise, Brent at around $70 a barrel is quite a strong support and oil prices may look to stage a technical bounce at current levels, said Suvro Sarkar, energy sector team lead at DBS Bank, adding that the OPEC+ supply response will continue to remain flexible depending on market conditions.

"If oil prices fall below the $70 per barrel mark for an extended period, output hikes may be paused in our opinion. OPEC+ will also keep a careful eye on Trump's Iran and Venezuela policies," he said.

"The U.S. has already taken back Chevron (NYSE:CVX)'s licence to operate in Venezuela and it remains to be seen whether Iran sanctions will be intensified. However, in the interim, worries about global growth amid policy uncertainties and trade wars will dominate."

U.S. President Donald Trump's protectionist policies have roiled markets across the world, with Trump imposing and then delaying tariffs on his country's biggest oil suppliers, Canada and Mexico, while also raising duties on Chinese goods. China and Canada have responded with tariffs of their own.

Source: Investing.com