Oil prices rebounded on Tuesday as traders covered short positions after prices fell at least 3 percent in the previous session, but gains were capped by worries about oversupply and the health of the global economy. Brent crude for December delivery had climbed 25 cents to $48.86 a barrel by 12.52 a.m. ET after settling down $1.85, or 3.7 percent, in the previous session. “Short-covering has led to a little bit of a rally,” said Ben Le Brun, market analyst at Sydney’s OptionsXpress.