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Oil futures inch lower after Monday's strong gains

© Reuters. Crude oil futures down slightly after Monday's rally - Crude oil futures gave back some of the previous session's strong gains on Tuesday, as ongoing worries over a global supply glut drove down prices.

Crude oil for delivery in September on the New York Mercantile Exchange shed 23 cents, or 0.5%, to trade at $44.73 a barrel during European morning hours.

A day earlier, Nymex oil fell to an intraday low of $43.35, a level not seen since March 2009, before rallying sharply to close at $44.96, up $1.09, or 2.48%.

Market players looked ahead to fresh weekly information on U.S. stockpiles of crude...