Oil prices rose on Tuesday as market saw signs of tightening oil inventories especially in the United States.

U.S. crude oil inventories have been falling consistently in recent weeks and eased investors' concern about chronic global glut.

The U.S. Energy Information Administration will release latest crude oil inventories data on Wednesday and the market expects the inventories to fall further.

The West Texas Intermediate for September Delivery added 0.27 dollar to settle at 47.64 dollars a barrel on the New York Mercantile Exchange, while Brent crude for October delivery gained 0.21 dollar to close at 51.87 dollars a barrel on the London ICE Futures Exchange.