NEW YORK, July 24 — Oil trimmed its losses in a bear market as trading volatility advanced to the highest in almost two weeks.

Futures climbed as much as 0.9 per cent in New York.

West Texas Intermediate has slumped more than 20 per cent the past six weeks, meeting the common definition of a bear market.

US crude supplies remain almost 100 million barrels above the five- year average, government data showed Wednesday.

A measure of price fluctuations rose to the highest level since July 10.

Oil’s rebound from a six-year low in March has faltered amid signs the global surplus will persist.

Prices have been swept up in a broader selloff of raw materials, which have fallen to a 13-year low as the dollar strengthens and concerns grow over economic growth in China.

WTI for September delivery rose as much as 43 cents to US$48.88 (RM186.345) a barrel in electronic trading on the New York Mercantile Exchange and was at US$48.73 at 9am Sydney time.

The contract slid 74 cents to US$48.45 yesterday. The volume of all futures traded was about 72 per cent below the 100-day average.

Prices are heading for a fourth weekly decrease.

Brent for September settlement fell 86 cents, or 1.5 per cent, to US$55.27 a barrel on the London-based ICE Futures Europe exchange yesterday.

The European benchmark crude ended the session at a premium of US$6.82 to WTI. — Reuters