Oil traders moved cautiously in Asia on Tuesday after the previous day's sharp losses. That came on the back of a strong US dollar and news that the threat of wildfires in Canada's crude-producing Alberta region has been reduced.

At around 3:30 GMT, US benchmark West Texas Intermediate for delivery in June was down 11 cents, or 0.25 percent, at 43.3 US dollars a barrel. Brent crude climbed seven cents, or 0.16 percent, at 43.7 dollars a barrel. Oil is traded in dollars, meaning a stronger greenback makes it more expensive for holders of other currencies.

Traders were also watching developments after Saudi Arabia's surprise replacement of its oil minister. The move was a major reshuffle in OPEC's largest oil exporter as it transforms its economy by reducing its dependence on petroleum.