2017.08.1504:05:00UTC+00Oil Prices Steady Following Overnight Retreat

Oil prices found its footing on Tuesday, recovering from sharp declines in the prior session to its lowest level in around three weeks as the stronger U.S. dollar and a decline in Chinese refining activity pressured the market.t.

Brent crude futures traded up 3 cents or 0.1 percent at $50.76 per barrel, just beyond the international benchmark contract's 100-day moving average that was briefly hit in the preceding session.

U.S. WTI crude futures traded down 1 cent at $47.58 per barrel.

Crude prices posted a steep decline of over 2.5 percent on Monday in a volatile trade as the dollar strengthened and the demand concerns in China affected sentiment. A stronger dollar usually caps the demand for buyers of oil using other currencies. Both futures, Brent and WTI had hit two-month highs on August 10.

In July, Chinese oil refineries operated at their lowest daily rates since September 2016, in order to lower brimming inventories as state-owned oil companies competed with independents in a retail petrol price rivalry.

The decline was steeper than what was expected by analysts, aggravated concerns of an oversupply of refined fuel products could hurt Chinese demand for oil.