Oil prices steadied early on Tuesday as traders closed short positions and took on new longs after markets tumbled in the previous session.
Crude prices fell on Monday with the onset of lower demand autumn trading and as weak economic data out of China and soft gasoline prices RBc1 pressured the market.
A broker said Tuesday’s gains were mainly driven by market participants with short positions locking in profit following Monday’s falls, while other traders took the price fall as an opportunity to place new orders.
Front-month U.S. crude futures CLc1 were trading at $44.30 per barrel at 0029 GMT on Tuesday, up 30 cents from their last settlement. Internationally traded Brent futures LCOc1 were up 32 cents at $46.69 a barrel.
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