Crude oil prices stabilized on Tuesday morning after posting one of their biggest selloffs this year the previous day over Greece's rejection of debt bailout terms and China's stock market woes.
Front-month U.S. crude futures were trading at $52.91 a barrel, up 38 cents from their last settlement. The slight gain followed an almost 8% fall on Monday amid mounting concerns over economic stability in Europe and Asia.
Front-month Brent crude was also stronger, rising over half a dollar to $57.07 a barrel, following a more than 6% fall on Monday.