Oil prices rose on Wednesday, recovering somewhat from a sharp sell-off during the previous session, after U.S. data showed strong demand for refined products.
Sentiment remains negative, however, as investors grapple with weakening demand and worries about oversupply.
Benchmark Brent crude oil settled 98 cents, or 1.7 percent, higher at $57.24 a barrel. The front-month U.S. light crude contract, which expires on Wednesday, closed 96 cents higher at $47.20 a barrel, a 2.1 percent gain. The second-month contract was up $1.10 a barrel to $47.70 around the settlement.
The markets slumped on Tuesday, extending a recent run of poor performance. Global benchmark Brent tumbled 5.6 percent on Tuesday, just above a 14-month low reached during the session, while WTI lost 7.3 percent, falling to its lowest level since August 2017.