West TX Oil Edges Higher But Outlook Weak

Oil recovered to about $50 a barrel on Tuesday after touching a six-month low in the previous session, although high global production and concern over the economic outlook in China weighed on the outlook.

The bounce came as a weaker dollar and a rally in Chinese equities helped commodities post gains following a steep slide on Monday, when a global commodities price index plunged to a 12-year low.

U.S. crude settled up 57 cents, or 1.26 percent, at $45.74 a barrel. Brent crude was flat at $50.10 after falling to $49.36 at one point on Monday, its lowest since Jan. 30.