On the New York Mercantile Exchange, light, sweet crude futures for delivery in October traded at USD96.19 a barrel on Tuesday, down 0.08%, off from a session high of USD96.25 and up from an earlier session low of USD96.17.
The German publication Der Spiegel reported over the weekend that the European Central Bank may decide to cap yields in eurozone sovereign debt markets at its September policy meeting.
The European Central Bank would carry out such a policy via buying sovereign bonds in the open market, though bank officials rejected the news report, which sent oil prices dipping on concerns no major policy action will crimp the continent's recovery.
European Central Bank officials have said they would consider intervening in bond markets but only if governments meet certain fiscal reforms.
The commodity did see support elsewhere.
Luxembourg Prime Minister Jean-Claude Juncker is due to visit Athens later this week and markets were optimistic European policymakers will adjust austerity measures attached to bailout payments.
Greece has requested a two-year extension to make fiscal adjustments.
Meanwhile in the U.S., a string of surprisingly solid economic indicators have convinced investors the world's largest economy may be improving and will demand more oil and fuels going forward.
Weekly stockpile data will release later this week, with the private-sector American Petroleum Institute to release weekly inventory data on Tuesday and the U.S. government to release official data on Wednesday
Ongoing tensions in the Middle East supported prices also, as a standoff between the Israel and its western allies and Iran have stoked fears that conflict could erupt and disrupt supply.
On the ICE Futures Exchange, Brent oil futures for October delivery were up 0.16% and trading at USD113.74 a barrel, up USD17.55 from its U.S. counterpart.
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