Oil futures improved from their overnight lows on Tuesday, as traders moved past lackluster economic data from China to focus on supply.
On the New York Mercantile Exchange, light, sweet crude futures for delivery in November CLX5, +0.63% traded at $46.10 a barrel, up $0.18 in the Globex electronic session.
December Brent crude LCOZ5, +0.08% on London’s ICE Futures exchange rose $0.17 to $48.78 a barrel.
“There’s was a slight overreaction to the weak Chinese data” from Monday, said Daniel Ang, an energy analyst at Phillip Futures. But “the recovery in prices likely means bargain hunting” this morning.
