Crude-oil futures for West Texas Intermediate and Brent looked to end four sessions of losses Tuesday as some traders bet that weekly U.S. data will show a decline in oil inventories.

However, continued declines in Chinese equities and expectations that Iran will soon contribute more oil to the global market may be keeping a lid on price gains for oil. September crude traded at $48.11 a barrel on the New York Mercantile Exchange, up 72 cents, or 1.5%. Prices tapped lows under $47 earlier.

Brent crude was up 22 cents, or 0.4%, to $53.69 a barrel on London’s ICE Futures exchange. “We have been down the last few days so a little short-covering rally is not surprising,” said Tariq Zahir, managing member at Tyche Capital Advisors. “Bear market rallies can be fast and violent.” Colin Cieszynski, chief market strategist at CMC Markets, said the oil market “could see trading bounces here or there,” but there are no major news due out except for the coming weekly petroleum inventory reports.

Oil futures investors are awaiting supply data from The American Petroleum Institute due late Tuesday, while the U.S. Energy Information Administration will release its figures early Wednesday. Analysts polled by Platts forecast a weekly decline of 700,000 barrels for crude supplies. Zahir said he wouldn’t be surprised if crude supplies actually climb. If they do, “we could test lows set earlier this year by the end of the week.” But Phil Flynn, senior market analyst at Price Futures Group, said he believes that oil demand is strong and that oil supplies should show a decline this week. For now, the recent declines in Chinese stocks and a rise in weekly numbers for U.S. oil drilling rigs, which could add to a supply overhang, has helped pressure oil prices.