Oil prices steadied on Tuesday after sharp falls the session before to the lowest in about three weeks as a stronger U.S. dollar and a drop in Chinese refining runs hit the market. Global benchmark Brent crude futures were up 3 cents, or 0.1 percent, at $50.76 at 0551 GMT. That was just above the contract’s 100-day moving average, briefly breached in the previous session. U.S. West Texas Intermediate crude futures were down 1 cent at $47.58 a barrel. Oil prices tumbled more than 2.5 percent on Monday in volatile trade as the dollar strength and the demand concerns in China, the world’s second-largest oil user, weighed on sentiment.
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Written by Christopher Johnson at Reuters