Oil rose as stimulus measures in China may help to bolster demand, and a US industry report flagged another drop in stockpiles.
Brent climbed toward $74 a barrel after a 1.3% gain on Tuesday, with West Texas Intermediate above $70.
In a bid to bolster growth, China is giving local officials more leeway in how they invest proceeds of government bonds, while keeping interest rates steady for now.
Policymakers pledged a "moderately loose" monetary stance in the top crude importer earlier this month.
Source: Bloomberg
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