Investing.com - Crude oil prices rebounded on Wednesday after Iran said it was open to cooperation with Saudi Arabia, partly recovering from an 8% fall in the previous session on concerns over demand and weak equities.
Prices were supported by comments from Iran's oil minister that Tehran is ready to negotiate with Saudi Arabia over the current conditions in global oil markets.
Global benchmark Brent contract was up 2.34% at $31.01 a barrel by 11.46 GMT. The contract fell for a fourth straight session on Tuesday to end down 7.8%.
U.S. crude rose 2.27% to $28.56 after falling 5.9% in the previous session.
Prices were expected to remain volatile amid oversupply concerns after the International Energy Agency said the Organization of Petroleum Exporting Countries is unlikely to cut a deal with other producers to reduce ballooning output.
Oil investors were looking ahead to U.S. government inventory data later Wednesday, with analysts execting a 3.6 million-barrel rise in crude stocks last week.