And oil prices head upward.

NEW YORK—Oil prices turned positive Tuesday, after falling to multi-month intraday lows, ahead of weekly U.S. inventory data.

Both Brent, the global benchmark, and the U.S. oil benchmark recently entered bear markets—defined as a 20% drop from a recent high—on investor worries that the markets would remain oversupplied through the end of the year. Production is still robust, despite large spending cuts by oil companies, and analysts say demand could decline after the busy summer-driving season ends.

The U.S. oil benchmark recently traded up 75 cents, or 1.6%, to $48.14 a barrel on the New York Mercantile Exchange, after falling to as low as $46.68 a barrel in overnight trading.

Brent crude for September delivery recently rose 34 cents, or 0.6%, to $53.81 a barrel on ICE Futures Europe.