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Oil rebounded on Wednesday after plunging as much as 7 percent the previous day to enter a bear market on worries about rising global supplies and fears of an economic slowdown.
Global benchmark Brent crude jumped 1.7 percent to $63.59 per barrel while U.S. crude futures were up nearly 2 percent at $54.49 per barrel.
Prices bounced back after the American Petroleum Institute (API) reported a surprise crude oil inventory draw last week of 1.5 million barrels, easing concerns over a supply glut.
U.S. crude hit its lowest level since October 2017 on Tuesday, falling nearly 30 percent from a four-year high reached this year on Oct. 3, reflecting concerns about slowing demand in 2019 and record supply from key producers - Saudi Arabia, Russia and the United States.
Amid worries that supply will outstrip demand, OPEC and its allies are now considering cutting oil output in 2019.
Speculation is rife that OPEC and non-OPEC producers will consider a supply cut of between 1 million barrels per day (bpd) and 1.4 million bpd at a Dec. 6 meeting in Vienna.
Investors await the U.S. Energy Information Administration (EIA) weekly inventories report later in the day for further direction.
