U.S. oil futures ended higher on Tuesday in choppy trade after earlier rebounding from a 5-½-year lows, as persistent worries about a global supply glut offset concerns about output disruptions in Libya.
Benchmark Brent crude was on track for its second weakest month since the global financial crisis of 2008, and traders said the sell-off that has halved crude prices in six months showed no sign of coming to an end.
U.S. crude closed 51 cents higher at $54.12 per barrel, after hitting a 5-½-year low on Tuesday morning, falling to $52.70.
Brent crude was up about 12 cents at $58 per barrel. It also hit a 5-½-year in early morning trade, dropping $1.14 a barrel to $56.74, its lowest since May 2009.
Oil markets have been heavily oversupplied this year due to increasing output of high quality, light oil from U.S. shale and lower-than-expected consumption as a result of faltering global economic growth and competition from alternative fuels.