West TX Oil Steadies in Asia

U.S. crude futures edged higher in early Asia trade on Tuesday, after falling 4 percent in the previous session to their lowest since January as weak factory activity in China deepened a commodity-wide selloff.

U.S. crude gained 28 cents at $45.45 a barrel as of 0031 GMT. On Monday the contract settled down $1.95, or 4.1 percent, at $45.17, about $3 above its 2015 bottom with growing concerns over excess global oil supplies given weak factory activity in China.  Economic headwinds facing manufacturers in the world’s second-biggest economy China intensified last month, with conditions deteriorating to their weakest level in two years, while euro zone factories largely shrugged off Greece’s brush with bankruptcy.

Brent, the global benchmark for crude, increased 36 cents at $49.88 a barrel after ending down $2.69, or 5.2 percent, at $49.52 a barrel.