Crude oil traded steady after a fall in volatile trading on Tuesday that took it to a fresh 6-month low.
In the European session, Brent crude oil futures traded higher at around $92 per barrel while US WTI traded little changed at $86 per barrel.
Both benchmarks fell around 3% on concerns that a deepening global recession would have a major impact on energy demand.
Even so, prices have stabilized after being shown by a new industry report from the American Petroleum Institute (API) that was better than expected.
US crude oil supplies unexpectedly fell by 448,000 barrels last week compared to forecasts for a drop of just 117,000 barrels.
The reading also marked the first drop in US oil inventories after two consecutive weeks of gains, prompting crude oil trades to decline further.
The official US crude oil supply and retail sales data that will be released today will be the next focus of investors that will determine the further movement of the black commodity.
