Oil prices steadied on Tuesday, recovering from a 5% drop over the previous two sessions, as investors absorbed OPEC's latest downward revision for oil demand and market's disappointment over China's latest stimulus plan.

Both contracts had fallen by more than 5% over the previous two trading sessions. China on Friday unveiled a 10 trillion yuan ($1.40 trillion) debt package to ease local government financing strains, but analysts said it fell short of the amount of stimulus that would be needed to boost growth.

Technical analysis suggests that oil prices are eyeing a bounce but could face resistance around $74.00 and $76.35. Click to read.