Oil prices went up slightly on Tuesday after slumping over 4 percent in the previous session.
The West Texas Intermediate (WTI) for August delivery added 2 U.S. cents to settle at 68.08 dollars a barrel on the New York Mercantile Exchange, while Brent crude for September delivery increased 0.32 dollar to close at 72.16 dollars a barrel on the London ICE Futures Exchange.
WTI and Brent oil prices lost 4.15 and 4.67 percent respectively on Monday after the United States has reportedly said it will consider some waivers on Iran sanctions.
U.S. Treasury Secretary Steven Mnuchin said on Friday that the United States wants to avoid disrupting global oil markets as it re-imposes sanctions against Tehran and in certain cases will consider waivers for countries which need more time to wind down their oil imports from Iran, according to Reuters.
Analysts said the oil prices steadied on Tuesday after Monday's heavy sell-off.
Meanwhile, supply disruptions in Venezuela also supported the market as two of the country's four crude upgraders are scheduled to undergo maintenance in the next few weeks. The units have the ability to process a combined 700,000 barrels per day.