Oil prices bounced back on Wednesday after falling for the past three sessions on fears of oversupply and deteriorating demand in the face of a slowing global economy.
Global benchmark Brent crude futures climbed 0.85 percent to $56.74 per barrel after tumbling 5.6 percent on Tuesday.
West Texas Intermediate futures (WTI) were up 0.52 percent at $46.84 per barrel after ending down over 7 percent in the previous session to hit its weakest level since August 2017.
Investor confidence is deteriorating, with more fund managers blaming uncertainty surrounding the U.S.-China trade war for the weakening economic outlook over the next 12 months.
With focus shifting to economic concerns and trade tensions, production cut announcements from OPEC and its allies had so far failed to stimulate the oil market.
U.S. crude inventories rose by 3.5 million barrels in the week to Dec. 14, the latest American Petroleum Institute report showed.
That compared with analysts' expectations for a decrease of 2.4 million barrels, adding to investor concerns about oversupply.
If the build in crude stockpiles is confirmed by the EIA report later today, it will be the first increase in three weeks.
The material has been provided by InstaForex Company -
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