Oil rose for the first time in three sessions on Wednesday, but remained on track for a monthly drop of nearly 9 percent, marking its biggest monthly drop since 2016 on concerns about rising supply and worries over slowing economic growth.
Global benchmark Brent crude futures rose 47 cents or 0.62 percent to $76.38 a barrel after falling as much as 1.8 percent on Tuesday at one point to touch their lowest level since Aug. 24.
U.S. West Texas Intermediate (WTI) crude futures added 0.32 percent to $66.39 a barrel after declining 1.3 percent in the previous session.
Both Brent and U.S. crude futures have fallen about $10 a barrel from four-year highs reached in the first week of October on concerns that the U.S.-China trade war would dent fuel demand.
The intensifying global equity sell-off on concerns over earnings growth is also putting downward pressure on the commodity.
U.S. President Donald Trump said that he thinks there will be a "great deal" with China on trade, but warned of more tariffs if talks next month fail to ease the trade war.
Traders also remain concerned about excess supply in the market after Saudi Arabia and Russia indicated last month that they would increase output from September through December.
Meanwhile, the American Petroleum Institute reported late Tuesday that U.S. crude supplies rose by 5.7 million barrels last week, more than analyst forecasts for a 4.1 million-barrel build. The official government report on inventories is due later in the day.
The material has been provided by InstaForex Company -
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