Jan 16 Reuters Oil prices were mixed on Tuesday, after posting losses the previous session, as broad economic concerns outweighed continued tensions in the Middle East that led to more tanker diversions.

Brent crude futures gained 3 cents, or about 0.04, to 78.15 a barrel at 0647 GMT. The contract had settled 14 cents lower on Monday.

U.S. West Texas Intermediate crude was down 23 cents, or 0.32, at 72.45 per barrel after a U.S. public holiday on Monday.

Fears of weaker economic growth weighed on sentiment across the commodity complex. This was despite rising tensions in the Red Sea, ANZ analysts said in a client note.

Asian shares dropped to a onemonth low, U.S. stock futures fell and the dollar rose on Tuesday as hawkish remarks from central bankers tempered expectations for interest rate cuts, ahead of an economic outlook speech by the U.S. Federal Reserve39;s Christopher Waller at 1600 GMT on Tuesday.

Some concerns over how China39;s demand could pan out in the nearterm after the country39;s central bank left the mediumterm policy rate MLF unchanged on Monday, also weighed on oil prices.

Yesterday39;s refusal of China39;s central bank, PBoC, to enact a cut on its 1year MLF rate has dampened the expectations of more pronounced stimulus measures from China39;s top policymakers which in turn led to a weaker demand narrative for oil that capped further potential upside, said OANDA39;s senior markets analyst Kelvin Wong.

Meanwhile, extremely cold weather in the…