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.
--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.
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--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.
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(END) Dow Jones Newswires
August 15, 2017 00:12 ET (04:12 GMT)