Oil prices rose on Wednesday after a steep fall in the previous session on fears of a supply glut and heightened concerns about a slowdown in the global economy.
Global benchmark Brent crude climbed over 1 percent to $66.14 per barrel after plunging 6.8 percent on Tuesday to set an eight-month low.
U.S. crude futures were up 0.3 percent at $55.87 per barrel after plummeting 7 percent in the previous session, its biggest single-day loss in more than three years.
Global growth worries persist as data showed that Germany, Europe's largest economy, contracted for the first time in more than three years.
The Japanese economy also contracted in the third quarter as a devastating earthquake and typhoon hit spending and disrupted exports.
A slew of Chinese data proved to be a mixed bag, with growth in industrial output and investment accelerating in October while retail sales growth slowed from the previous month.
The Organization of the Petroleum Exporting Countries (OPEC) warned on Tuesday that a supply glut could emerge in 2019 following downward revisions to global growth forecasts.
Worried by the steep drop in oil prices and rising supplies, OPEC and its partners are now talking above moves to support prices. The group meets on Dec. 6 to set policy for 2019.
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