Oil prices edged up in Asian trade on Tuesday, helped by the prospect of a temporary halt to President Donald Trump's auto tariffs and a pick-up in Chinese crude imports, as markets eyed U.S.-Iran nuclear talks for clues on the demand outlook.

At 10:05 p.m. ET (02:05 GMT), Brent crude futures expiring in June were up 0.2% at $65.02 a barrel, while West Texas Intermediate crude futures rose 0.3% to $61.25 a barrel.

Both contracts closed little changed on Monday and remained near four-year lows hit last week.

"The market is digesting fast-moving policy developments on the tariff front, while balancing that with the nuclear talks between the U.S. and Iran. Clearly, the market is more focused on tariffs and what they mean for oil demand," ING analysts said in a note.

Trump hints at potential pause on auto tariffs

President Trump on Monday hinted at potential exemptions from a 25% tariff on foreign vehicle imports, particularly from countries such as Mexico and Canada.

The administration previously announced exemptions for certain electronics, including smartphones and laptops, primarily from China.

The developments have eased some market concerns about escalating trade tensions.

Investors remain cautious, however, as the Trump administration moves forward with plans to potentially impose tariffs on semiconductor and pharmaceutical imports. The investigation into the tariffs was announced Monday in a notice posted to the Federal Register by the Commerce Department.(Newsmaker23)

Source: Investing.com