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.
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