Oil prices rose on Tuesday as the United States and China extended a pause on higher tariffs, easing concerns an escalation of their trade war would disrupt their economies and crimp fuel demand in the world's two largest oil consumers.

Oil prices were little changed on Tuesday after the United States and China extended a pause on higher tariffs and data showed a rise in U.S. inflation in July.

Oil markets showed little movement during Tuesday’s Asian trading session as investors focused on upcoming talks between the U.S. and Russia, which could potentially bring an end to the war in Ukraine and offer relief to major oil consumers like India and China.

Oil prices fell nearly 1 per cent on Monday morning as markets awaited the outcome of talks between the US and Russian leaders to end the war in Ukraine later this week in Alaska. Brent, the benchmark for two thirds of the world's oil,