Oil futures moved higher Tuesday, attempting to claw back steep losses suffered last week, with prices supported by a more upbeat prospects for Chinese demand and ongoing concerns that a broader Middle Eastern conflict that could threaten crude flows from the region.

Oil prices rose for the second consecutive session on Tuesday, as traders downplayed hopes of a Middle East ceasefire and focused on a tightening global supply and demand balance. Brent crude futures for December settlement were up $1.