Oil prices rise 1% after falling in previous session
The Energy Information Administration (EIA) will release its weekly data later Wednesday morning
Oil prices gained Wednesday morning, rebounding from sharp losses in the previous session.
Markets reacted to concerns about tighter supplies from Russia and Libya.
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Industry data also showed a drop in U.S. crude inventories last week.
U.S. crude rose 78 cents to $103.34. Brent futures rose 59 cents to $107.87 a barrel.
Both benchmarks fell 5.2% in volatile trading on Tuesday after the International Monetary Fund (IMF) slashed its forecast for global growth by nearly a full percentage point, also on Tuesday.
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U.S. crude supplies fell 4.5 million barrels last week, according to market sources citing American Petroleum Institute figures. The expectation was for an increase in inventories.
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The Energy Information Administration (EIA) will release its weekly data later Wednesday morning.