Investing.com – Oil prices recovered from sharp overnight losses as a glut in crude stocks persisted.
U.S. crude was up 53 cents, or 1.18%, at $45.28 at 07:00 ET, while Brent crude rose 1.19% to $46.81.
The International Energy Agency (IEA) Wednesday said the crude stock overhang posed a serious threat to oil price stability.
Crude futures fell by 4% overnight after the release of the IEA’s latest monthly report.
Energy Information Administration figures Wednesday showed U.S. crude inventories fell by 2.5 million barrels in the latest reporting week.
Forecasts were for a draw of close to 3 million barrels. Stocks remain at historical highs at 521.8 million barrels.
Gasoline inventories rose by 1.2 million barrels despite the U.S. summer driving season.
The dollar index was down slightly. A weaker dollar underpins demand for oil.