Oil prices edged upward Tuesday, finding technical support after sliding below $47 a barrel on pressure from a diplomatic rift in the Middle East and sustained high crude inventories in the United States.
U.S. West Texas Intermediate crude ended Tuesday's trading sesson up 79 cents, or 1.7 percent, at $48.19. It fell in early trade, then bounced off technical support between $46.75 and $46.95 and edged upward.
Benchmark Brent crude oil rose 59 cents, or 1.2 percent, a barrel to $50.06 by 2:34 p.m. EST (1834 GMT)
The price band that had been providing technical resistance for WTI has shifted to support, according to Fawad Razaqzada, a market analyst at Forex.com. "If this area were to break down in the next few days then this would end any bullish hopes in the short-term," he said.
Oil prices remain 6-7 percent lower than they stood before OPEC and its non-OPEC allies said they were extending output cuts until March 2018. The initial six-month deal to curb output had been due to run till the end of this month.