Oil Futures Give Up Early Bounce, Turn Lower

An early bounce by oil futures attributed to bargain hunting gave way to renewed selling pressure Tuesday morning, pushing the U.S. benchmark back below $40 a barrel. September West Texas Intermediate crude for September delivery on the New York Mercantile Exchange fell 23 cents, or 0.6%, to $39.83 a barrel. The contract had traded as high as $40.91 in early action, rebounding from heavy Monday losses that put crude back into bear-market territory. Oil remains shadowed by concerns over a global crude glut and uncertainty over near-term demand, analysts said.