Oil prices rebound in Asia

Oil prices rebounded in Asia Tuesday but nagging worries about excess supplies kept them below 2016 highs after data showed Iran and Iraq increasing output.

The commodity has rallied for four straight weeks thanks to a weaker dollar and hopes that the world economy is slowly turning positive.

However, it fell on Monday after figures showed Iraqi exports hit a near-record 3.36 million barrels a day in April while Iran's production during the month reached 3.5 million barrels per day, the most since December 2011.

Adding to demand concerns, data showed factory activity in world number two economy China slowed in April, leading to fears that a recent series of upbeat indicators may have been a blip.