Oil prices rebounded on Tuesday from steep losses in the previous session after Washington imposed sanctions on Venezuelan state-owned oil firm PDVSA in a move that may curb the country's crude exports.
Despite the move, which comes as the U.S government looks to pile pressure on President Nicolas Maduro to step down, traders said ample global oil supply and an economic slowdown, especially in China, were keeping crude prices in check.
U.S. West Texas Intermediate crude futures ended Tuesday's session up $1.32, or 2.5 percent, at $53.31 per barrel. WTI fell 3.2 percent in the previous session.
International Brent crude futures rose $1.29, or 2.2 percent, to $61.22 per barrel around 2:30 p.m. ET, after tumbling nearly 2 percent on Monday.