Investing.com - Oil Wednesday bounced off three-months lows but was under pressure on supply concerns.
U.S. crude remained below the $40 mark but was trading up 25 cents, or 0.63%, at $39.76 at 07:15 ET.
Brent crude regained the $42 level and was up 0.53% at $42.02.
Rising output, historically high inventories and slowing economic demand have combined to undermine oil.
The market had earlier received some support from a weaker dollar.
However, the dollar index Wednesday recovered some ground.
Expectations of a fall in U.S. crude inventories is also helping to underpin the oil market.
American Petroleum Institute data Tuesday showed a draw of 1.3 million barrels in U.S. crude stocks.
Energy Information Administration figures due Wednesday are forecast to show a similar fall in stockpiles.