STOCK MARKET NEWS: Bed Bath & Beyond latest, JPMorgan CEO Jamie Dimon on economy, Powell speech

on expectations that further interest rate hikes in the United States, the world's biggest oil user, will slow economic growth and limit fuel demand.

" is more hawkish than what markets are pricing at the moment ," said Yeap Jun Rong, Market Analyst at IG in a note, adding that the upcoming speech from Fed chair Jerome Powell later on Tuesday could mirror the hawkish tone with some pushback as well. But analysts warned that China's demand revival may play limited role to drive up oil prices under the global economic downward pressure.

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