Oil prices rebounded from near 2017 lows on Wednesday after preliminary data showed a much larger-than-expected fall in U.S. crude stocks, reviving bullish sentiment about easing oversupply.
Benchmark Brent crude (LCOc1) was up 35 cents at $50.81 a barrel at 1010 GMT. On Tuesday the futures had settled at their lowest since Nov. 30, when the Organization of the Petroleum Exporting Countries decided to cut oil supply.
U.S. West Texas Intermediate (WTI) crude (CLc1) traded at $47.94 a barrel, up 28 cents. WTI had slid 2.4 percent on Tuesday on concerns about falling OPEC compliance with its production-curbing deal.
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