Brent crude reversed losses on Tuesday after earlier falling toward $44 a barrel on concerns a long-awaited rebalancing of the market would be delayed due to excess supply.
Brent crude is still up more than 60 percent from a 12-year low near $27 in January, but the rally has petered out on signs the supply glut will persist and as economic jitters raised concern about the strength of oil demand.
Global benchmark Brent was trading up 0.25 percent, or 11 cents, at $44.83 at 3:34 p.m. ET. It fell to $44.14 intraday, the lowest since May 10.
U.S. crude settled down 21 cents, or 0.5 pct, at $42.92 a barrel, and was down 0.58 percent, or 25 cents, at $42.88, at 3:34p.m. ET.