Crude oil recovers off lows but glut keeps lid on gains

Oil recovered off earlier lows on Tuesday, but stayed well below $50, pressured by a glut in supply and worries about a fragile demand outlook.

Brent crude futures LCOc1 were up 33 cents at $49.12 by 1100 GMT, but gains were kept in check by Russian production hitting a post-Soviet peak and a weaker outlook for demand from China.

U.S. crude futures CLc1 were up 39 cents $46.53 per barrel, after falling in the previous session due to a rise in stockpiles.

"It's all about supply," said Michael Hewson, analyst at CMC Markets. "Oil's going to remain under pressure, with inventories likely to expand and the potential for Iranian supply to come on stream in the next few months."

http://www.reuters.com/article/2015/11/03/us-global-oil-idUSKCN0SS01W20151103