Oil prices cut earlier losses to trade roughly flat on Tuesday afternoon, as a surge in the dollar and signs of weaker demand in China weighed on the market.
U.S. light crude ended Tuesday's session down 4 cents at $47.55, setting a fresh three week low after dropping 2.5 percent in the previous session. The contract fell as low as $47.02 on Tuesday.
Benchmark Brent crude was up 16 cents at $50.89 a barrel by 2:20 p.m. ET (1820 GMT), after earlier touching a three-week low at $50.02.
If U.S. crude falls below $47 a barrel and Brent crude breaks below $50 a barrel, prices could test lows from June, said John Kilduff, a partner at Again Capital LLC.
"We're on the precipice of a large sell-off," he said.