Oil prices rose on Tuesday, recovering some of the previous session's losses with the help of a slightly weaker dollar and an outage hurting Libyan production.
Tuesday's recovery in global equities eased some pressure on oil, but the U.S. stock market turned negative around midday. Crude futures pared gains as stocks fell.
Brent crude oil futures ended Tuesday's session 23 cents higher at $60.20 a barrel, off a session high of $61.10. U.S. crude futures rose 65 cents, or 1.3 percent, to $51.65 a barrel, after earlier rising more than 2 percent to $52.43.
"The dollar is a bit weaker, but other than that, I don't see any reason why this market should rally right now. It fell quite hard yesterday, so it might correct higher," PVM Oil Associates Tamas Varga said.
Global stocks have fallen by more than 5 percent so far this month on worries about the impact of a U.S. trade dispute with China on economic growth. Any slowdown would hurt oil demand.