Brent crude on London’s ICE Futures exchange rose 27 cents to $28.82 a barrel. Bargain hunting provided some support to Brent crude, a day after the removal of sanctions on Iran sparked a fresh slide below $30 a barrel, The Wall Street Journal reports.

“Prices are already quite low. That is why there is bargain hunting,” said Daniel Ang, an analyst at Phillip Futures.

According to the Philip Futures, crude oil prices are likely to remain low in the near term because of China’s weaker-than-expected gross domestic product (GDP) data for the fourth quarter.

China’s GDP expanded by 6.9% year-over-year in 2015, down from the 7.3% gain reported in 2014, data from the National Bureau of Statistics showed. Its economy expanded 6.8% in the fourth quarter, slightly below the median forecast for 6.9%. But the China GDP data has not resulted in a major selloff in equities. There are possible changes to think the price for oil will continue to fall.

International sanctions against Tehran were lifted over the weekend, raising the prospect of an estimated extra 500,000 barrels a day of Iranian crude flooding the oversupplied global market. Concerns about Iranian oil adding to a global surplus caused Brent prices to touch its lowest level since 2003 on Monday.

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