Oil prices bounced Tuesday, partly recovering from a sharp selloff in the prior session as Chinese equities regained their footing.

Brent crude futures traded on London’s ICE Futures exchange pared earlier gains but finished up 47 cents, or 1%, at $49.99 a barrel. The contract suffered a 5.2% slide on Monday that pushed the global benchmark below $50 for the first time since January. September West Texas Intermediate crude on the New York Mercantile Exchange added 57 cents, or 1.3%, to end at $45.74 a barrel. On Monday, the U.S. benchmark settled 4.1% lower at $45.17 a barrel, the lowest level for a most-active contract since March 19 and just slightly above a six-year low from mid-March.

“One day after commodities started the month of August getting crushed, today it seems that at least someone is willing to catch a falling knife,” said Phil Flynn, senior market analyst at Price Futures Group, in a note. Oil stabilized after the Shanghai Composite Index and other Chinese indexes gained ground, pushing higher after officials took further steps to inhibit short selling. A bounce by copper might also have helped sentiment amid a general sense that “maybe the selloff was overdone,” Flynn said.

Concerns about supply, however, might continue to shadow the market, analysts said. Traders will pay close attention to weekly U.S. inventory data, including an estimate from the American Petroleum Institute trade group late Tuesday and the more closely watched report from the Energy Information Administration on Wednesday. A survey of analysts by oil-information firm Platts produced a consensus forecast for a 1.6 million barrel decline in U.S. commercial crude stocks in the week ended July 31.