Oil bounces as traders dare to catch ‘falling knife'

Oil prices bounced Tuesday, partly recovering from a sharp selloff in the prior session as Chinese equities regained their footing.

Brent crude futures traded on London’s ICE Futures exchange LCOU5, +0.66% pared earlier gains but finished up 47 cents, or 1%, at $49.99 a barrel. The contract suffered a 5.2% slide on Monday that pushed the global benchmark below $50 for the first time since January.

September West Texas Intermediate crude CLU5, +0.61% on the New York Mercantile Exchange added 57 cents, or 1.3%, to end at $45.74 a barrel. On Monday, the U.S. benchmark settled 4.1% lower at $45.17 a barrel, the lowest level for a most-active contract since March 19 and just slightly above a six-year low from mid-March.

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