Oil bounced back from heavy losses on Tuesday but global oversupply and worries over the severity of the economic slowdown in China, the world’s top commodity consumer, kept prices near 6-1/2-year lows. European equity markets recovered on Tuesday but Chinese stock markets closed down more than 7 percent, with panic selling intensifying after the flagship Shanghai Composite Index .SSEC crashed through key support at 3,000 points. U.S. crude CLc1, also known at West Texas Intermediate or WTI, was up 65 cents at $38.89 a barrel by 0840 GMT (0440 EDT), while Brent LCOc1 was up 60 cents at $43.29. “It all depends on the European stock market,” Commerzbank oil analyst Carsten Fritsch told Reuters Global Oil Forum. “If stocks fall further, oil will follow suit.” Oil prices dropped […]