Investing.com – Oil recovered Wednesday after sharp losses Tuesday after industry data showed a surprise draw in U.S. crude stocks.
Futures fell as much as 3% on Tuesday after Iran rejected an offer to freeze its output in exchange for Saudi Arabia cutting its production.
U.S. crude was up 38 cents, or 0.85%, at $45.05 at 06:45 ET, while Brent crude gained 1.07% to $47.02.
American Petroleum Institute (API) data Tuesday showed a fall of 752,000 barrels in U.S. crude inventories in the latest week.
Forecasts were for a build-up of 2.8 million barrels in crude stocks.
Official Energy Information Administration (EIA) figures are due out later in the session.
OPEC members and Russia are due to begin an informal meeting in Algiers at 10:00 ET.
Attention is now turning toward a possible framework for an accord to curb output at OPEC’s formal meeting in November in Vienna.
The dollar index was higher. A stronger dollar depresses demand for oil.