Looking for bargains in preparation for the Fed's interest rate decision, oil prices rose on Tuesday.

Oil prices are rising, regaining some ground after the previous day's plunge, but gains have been limited as investors remained cautious ahead of key policy decisions by the US Federal Reserve and other central banks.

Brent oil futures rose 16 cents, or 0.2%, to $72.00 per barrel at 0048 GMT. U.S. West Texas Intermediate (WTI) crude was $67.19 per barrel, up 7 cents, or 0.1%. Both benchmarks fell by around $3 a barrel on Monday after analysts pointed to increased global supply and concerns about demand growth just ahead of key inflation data and a two-day Fed monetary policy meeting that ends on