Oil turned higher on Tuesday, recovering from near six-month lows, as bets for a drop in U.S. crude stockpiles offset worries about a global supply glut and equity market meltdown in China.
U.S. crude reversed earlier losses to settle up 59 cents, or 1.24 percent, at $47.98 a barrel. It rose more than $1 at the session high after touching its lowest since March at $47.68.
Brent was down 20 cents to $53.30 a barrel, after hitting $52.28, the lowest since early February, on earlier concerns about the stock market plunge in China.
The market also saw short-covering after a four-day selloff that wiped between 6 and 7 percent off crude futures, traders said.
Some remained convinced, however, that oil had more to lose, and that a bottom for the market was still far off.
"We're getting a bounce of sorts but I'll be selling into any strength I see," said Tariq Zahir, an oil bear at Tyche Capital Advisors in Laurel Holllow, New York.