Oil recovered its earlier losses on Wednesday, even as U.S. data showed crude inventories rose to a record high, reviving worries of a persistent glut due to weak demand.

Crude stocks rose by 5.7 million barrels in the week to June 5 to 538.1 million barrels, according to a U.S. Energy Information Administration report.

Brent crude rose 34 cents to $41.52 a barrel. West Texas Intermediate gained 66 cents, or 1.7%, to settle at $39.60 per barrel after falling more than 2% in the session.

The U.S. Energy Department said on Wednesday that it had purchased 126,000 barrels of crude for the U.S. strategic reserve, supporting prices.

Source : Reuters