Tokyo - Oil prices edged up on Tuesday after retreating the previous day, but gains were tempered by long-running worries about a supply glut and a weak global economic outlook.
The black gold retreated on Monday after a weekend report from China, the world's second biggest economy and number-one energy user, showed exports and imports - particularly of crude - tumbled last month.
And on Tuesday fresh figures showed inflation in the country slowed further in October, compounding fears about the nation's outlook.
Adding to the selling was news the Organisation for Economic Development and Co-operation (OECD) had cut its growth outlook for the world economy for this year and next.
Traders are also keeping an eye on a US stockpiles report from the Energy Information Administration due out later in the week, looking for any signs of a pick-up in demand.
Futures for US benchmark West Texas Intermediate were trading 29 cents higher at $44.16 and Brent crude was up 20 cents at $47.39 a barrel at around 04h40 GMT.
Markets in Singapore are closed on Tuesday for a holiday.
Prices have plunged from levels above $100 over the past year owing to a supply glut, weak demand, a slowdown in China's economic growth and a refusal by production cartel Opec to cut output.
“It's still a story about supply,” Jonathan Barratt, chief investment officer at Ayers Alliance Securities in Sydney, said by phone. “Oil is going to bounce around this range for some time but I don't think it'll drop to new lows.”
* Bloomberg News contributed to this story
AFP