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Oil prices rebound from earlier losses

Oil prices rebounded Tuesday from steep losses in the previous session after Washington imposed sanctions on Venezuelan state-owned oil firm PDVSA in a move that may curb the country's crude exports.
 
Despite the move, traders said ample global oil supply and an economic slowdown, especially in China, were keeping crude prices in check.
 
U.S. West Texas Intermediate (WTI) crude futures were up $1.84 at $53.83 per barrel.
 
WTI crude had fallen 3.2 per cent in the previous session.
                                                                       


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