Oil Prices Tick Up After Overnight Slide

By Kevin Kingsbury Features Dow Jones Newswires

Oil futures edged higher in Asian trade Tuesday following a 2.5% decline overnight to three-week lows that some attributed to worries about decreased Chinese demand.

Continue Reading Below

--On the New York Mercantile Exchange, light, sweet crude futures for delivery in September was recently up 0.2% at $47.66 a barrel in the Globex electronic session. October Brent crude on London's ICE Futures rose 0.2% to $50.83.

--Oil has been susceptible to bearish sentiment despite a recent rally, as investors remain doubtful that the market will emerge from a yearslong glut reasonably soon.

--"It is becoming clear" that investors remain unconvinced the Organization of the Petroleum Exporting Countries alone will be able to rebalance the still-bloated oil market, said Lukman Otunuga, a research analyst at FXTM.

Write to Kevin Kingsbury at kevin.kingsbury@wsj.com

(END) Dow Jones Newswires

Continue Reading Below

August 15, 2017 00:12 ET (04:12 GMT)