Oil recovered slightly after suffering its worst reaction to an OPEC meeting in more than four years.
Prices edged higher by about 0.6% on Wednesday after a report showed a contraction in U.S. crude stockpiles. They were still far from recovering their losses from the previous day's session when fears about the global economy overshadowed OPEC's decision to prolong production curbs. It was the biggest drop following an OPEC gathering since November 2014.
West Texas Intermediate crude for August delivery rose 34 cents to $56.59 a barrel on the New York Mercantile Exchange as at 9:30 a.m. Singapore time.
Brent for September settlement added 32 cents, or 0.5%, to $62.72 a barrel on London's ICE Futures Europe Exchange. Prices declined 4.1% on Tuesday. The global benchmark crude traded at a $6.01 premium to WTI for the same month.
Source : Bloomberg