Oil prices closed slightly higher Tuesday after an early rally aided by data showing stronger-than-expected China demand and some technical price recovery after weeks of almost uninterrupted selling.
Unflattering global economic data, especially out of Europe, and fears that crude markets were still oversupplied limited gains, analysts and traders said.
“Because of their deep slide over the past couple of weeks, oil prices are kind of overdone on the downside and vulnerable to turnarounds now,” said Gene Addison of Tradition Energy, an oil services advisory firm in Stamford, Connecticut.
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