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Oil prices found its footing on Tuesday, recovering from sharp declines in the prior session to its lowest level in around three weeks as the stronger U.S. dollar and a decline in Chinese refining activity pressured the market.t.
Brent crude futures traded up 3 cents or 0.1 percent at $50.76 per barrel, just beyond the international benchmark contract's 100-day moving average that was briefly hit in the preceding session.
U.S. WTI crude futures traded down 1 cent at $47.58 per barrel.
Crude prices posted a steep decline of over 2.5 percent on Monday in a volatile trade as the dollar strengthened and the demand concerns in China affected sentiment. A stronger dollar usually caps the demand for buyers of oil using other currencies. Both futures, Brent and WTI had hit two-month highs on August 10.
In July, Chinese oil refineries operated at their lowest daily rates since September 2016, in order to lower brimming inventories as state-owned oil companies competed with independents in a retail petrol price rivalry.
The decline was steeper than what was expected by analysts, aggravated concerns of an oversupply of refined fuel products could hurt Chinese demand for oil.
