Oil rises above $49 after 7 percent fall

PERTH (Reuters) – Oil rose above $49 a barrel on Tuesday, recouping some of the previous session’s 7 percent loss as stock markets edged up.

Talk by the Obama administration of takeover and bankruptcy for two major U.S. automakers, as well as bank rescues in Europe, prompted investors to book profits after a recent run-up in oil to a four-month high.
But Asian stocks edged up on Tuesday and were set to score their biggest monthly rise in a decade as some investors bet the most painful stretch of corporate earnings damage may be over.

Reuters