Prices were supported by a strong U.S. stock market opening and widely watched data showing a larger-than-expected drawdown in U.S. crude oil inventories, with government data due later in the day.
Brent crude futures LCOc1 for September delivery were trading up 95 cents at $63.35 a barrel by 1350 GMT.
U.S. crude futures for August CLc1 were up 76 cents at $57.01 a barrel. Both benchmarks fell more than 4% on Tuesday on worries about a global economic slowdown.
The Organization of the Petroleum Exporting Countries and other producers such as Russia, a group known as OPEC+, agreed on Tuesday to extend oil supply cuts until March 2020 as members overcame differences to try to prop up prices.
“We had a pretty sharp correction yesterday so after that, a little rebound is expected. Globally, the market is concerned about oil demand growth potential,” Olivier Jakob of Petromatrix consultancy said.
Frontpage January 23, 2020