REUTERS
Oil prices rose on Wednesday after falling the previous session on expectations U.S. output will decline further as some producers are under increasing financial distress and as early inventory data showed a less-than-expected increase, Reuters reported.
U.S. crude futures CLc1 were trading at $36.86 per barrel at 0247 GMT, up 52 cents from their last settlement, while Brent LCOc1 was up 39 cents at $39.13 a barrel, according to Reuters.
Oil rose after prices dropped about 2% the previous session.
Inventory data from the American Petroleum Institute showed on Tuesday that U.S. crude stockpiles rose 1.5 million barrels last week, less than half of what was expected by an analyst poll, lending markets some support.
Read alsoRussian ruble weakens on oil newsThe U.S. government's Energy Information Administration (EIA) will issue official production and inventory figures later on Wednesday. That data is expected to show crude inventories rose to a record for a fifth straight week, according to the report.
Despite Wednesday's price rises, oil markets remain dogged by a global glut which sees over 1 million barrels of crude pumped every day in excess of demand.