Oil prices extended gains to fresh 10-month highs amid growing concerns over tighter global supplies.
The Asian session saw Brent crude oil futures rise to $92.20 a barrel, while US WTI traded firm at $89 a barrel.
Both benchmarks jumped nearly 2% on Tuesday to close at their highest level since November 2022.
There are new concerns about global supply after OPEC member Libya shut down four oil export terminals due to a storm that crippled the country.
Meanwhile, OPEC said global oil demand is expected to increase by 2.25 million barrels per day in 2024 and predicts a shortfall of 3.3 million barrels per day in the fourth quarter of this year.
Earlier, Saudi Arabia and Russia had announced an extension in their voluntary output cuts until the end of the year.
Meanwhile, on the demand side, data from the American Petroleum Institute (API) showed US crude oil inventories likely increased by 1.2 million barrels last week.
