Oil prices rebounded on Wednesday from sharp losses in the previous session as concerns about tighter supplies from Russia and Libya dominated, while industry data showed a drop in U.S. crude inventories last week.
Brent crude futures rose 66 cents, or 0.6%, to $107.91 a barrel by 0623 GMT while the front-month WTI crude futures contract, which expires on Wednesday, rose 46 cents, or 0.5%, to $103.02 a barrel. The second-month contract gained 64 cents to $102.69 a barrel.
Both benchmarks fell 5.2% in volatile trading on Tuesday after the International Monetary Fund (IMF) on Tuesday slashed its forecast for global growth by nearly a full percentage point.
On the supply side, OPEC+ produced 1.45 million barrels per day (bpd) below its production targets in March, as Russian output began to decline following sanctions imposed by the West.
Russia produced about 300,000 bpd below its target in March at 10.018 million bpd, based on secondary sources, the report showed.
Other outages added to the concerns about supply. Libya's National Oil Corporation declared force majeure at the Brega oil port on Tuesday, saying it was unable to fulfill its commitments towards the oil market.
In the U.S., crude stocks fell 4.5 million barrels last week, according to market sources citing American Petroleum Institute figures on Tuesday, against expectations of an increase in inventories.
The Energy Information Administration (EIA), the statistical arm of the U.S. Department of Energy, will release its weekly data at 10:30 a.m. EDT (1430 GMT) on Wednesday.
