Oil Edges Back Over $40

Oil prices pushed higher on Tuesday a day after slipping into a bear market, scraping back losses as bargain-buyers took advantage of a weaker dollar. 
Crude dipped below $40 a barrel on Monday after US data pointed to an unexpected increase in commercial oil and gasoline supplies, adding to concerns about a lasting supply glut. 
Prices clawed back some of their losses on Tuesday after disappointing US GDP growth figures hurt the greenback, making dollar-priced oil cheaper for those using other currencies. 
US West Texas Intermediate (WTI) crude was at $40.21 a barrel at 0649 GMT, up 15 cents from its last close after dipping below $40 for the first time since April the previous session. 
International Brent crude oil futures were trading at $42.33 per barrel, up 19 cents from their last close. 
Despite the slightly higher prices on Tuesday, oil market data implies bearish market conditions. 
Industry data shows that the global oil rig count for new production edged up in June for the first time this year, rising by two to 1,407, largely thanks to an uptick in US drilling. 
Actual production in the United States is also up slightly, according to government data, and it's also rising in OPEC-member Iraq.