U.S. oil futures settled higher on Tuesday, but analysts warned that a global supply glut and a potential slowdown in Chinese demand could help pull prices below $40 a barrel.September WTI crude CLU5, -0.23% tacked on 75 cents, or 1.8%, to settle at $42.62 a barrel on the New York Mercantile Exchange. On Monday, prices shed 1.5% to settle at $41.87, the lowest settlement level for a front-month contract since March 2009.
On the ICE Futures exchange in London, October Brent crude LCOV5, -0.37% settled higher after a three-session losing streak, up 7 cents, or 0.1%, at $48.81 a barrel.
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