Investing.com - Oil prices remained supported on Wednesday following a 3% jump a day earlier on the back of Brazilian and Libyan supply worries, a U.S. pipeline outage and a general rally in riskier assets on hopes of more economic stimulus measures.
U.S. crude was up 0.62% to $48.19 a barrel, while Brent futures were holding just above the above $50 a barrel level.
U.S. crude hit its highest since October 13 during Tuesday's session after the U.S. Colonial Pipeline suspended operations due to flooding, on outage that came on top of a strike at Brazil's state oil producer Petrobras and the closure of the Libyan oil export terminal.
The U.S. Energy Information Administration was to release supply data later in the day, which could push prices lower amid ongoing concerns over a global supply glut.
The American Petroleum Institute said Tuesday that crude stocks rose by an estimated 2.8 million barrels last week.