Investing.com - U.S. Oil pices recovered from from multi-week lows on Wednesday after an industry group reported that stockpiles fell at the Cushing storage hub in Oklahoma, delivery point for West Texas Intermediate oil contracts.
U.S. crude was up 0.74%, at $43.52 a barrel while Brent rose 0.79% to $47.18 a barrel at 7.56 AM ET.
Crude stocks at the delivery hub fell by 748,000 barrels last week, data from the industry group, the American Petroleum Institute, showed on Tuesday. Overall U.S. crude stocks rose by 4.1 million barrels to 477.1 million barrels.
Price gains were limited as a supply glut persists even after U.S. production cuts.
Investors are awaiting official inventory data from the U.S. Energy Information Administration due out later on Wednesday that is expected to show further stockpiling.