Oil bounced back from yesterday's heavy losses, but global oversupply and worries over the severity of the economic slowdown in China kept prices near 6-1/2-year lows. US crude oil futures rose 1.10 dollars, to 39.34 dollars a barrel. Brent crude was up 1.20 dollars, at 43.89 dollars a barrel. Some OPEC members have called for an emergency meeting to discuss output cuts, but the organization's biggest oil producer, Saudi Arabia looks unlikely to let this happen. Meanwhile, investment bank, Goldman Sachs has said that while China's turmoil would not lead to a global recession, it did expect the turmoil to result in weak commodities.