Oil held the biggest two-day drop in a month as concerns about global oversupply continued to weigh on sentiment.
West Texas Intermediate rose above $58 a barrel after losing 3% over the previous two sessions, while Brent crude closed near $62. The US said domestic crude production would hit a record high 13.6 million barrels a day this year, adding to a flood of supply hitting the global market.
"Whether it's a glut or a super-glut, it's kind of hard to get away from," Saad Rahim, the chief economist of global commodities trader Trafigura Group, said on Tuesday.
The industry funded American Petroleum Institute reported US crude inventories shrank by 4.8 million barrels last week, according to a document seen by Bloomberg. However, large gains were seen for fuel stockpiles — both gasoline and distillates such as diesel. Official data will be released on Wednesday.
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Prices:
WTI for January delivery rose 0.2% to $58.39 a barrel at 7:30 a.m. in Singapore.
Brent for February settlement closed 0.9% lower at $61.94 a barrel on Tuesday.
Source: Bloomberg
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