WTI crude oil steadied above $80 per barrel on Wednesday after losing nearly 2% in the previous session, as demand recovery hopes in top crude importer China vied with fears of a global economic slowdown.
Investors are also watching for further cues from OPEC+ after delegates said they expect an advisory committee of ministers to recommend keeping oil production at current levels when they meet next week.
Moreover, traders are tracking Russian flows as more Western sanctions and price caps on Russian petroleum products are set to take effect next month.
Meanwhile, the US oil benchmark fell on Tuesday as mixed corporate earnings stoked fears of a US recession. An industry report also showed that US crude inventories rose by 3.38 million barrels last week, much more than forecasts for a 1.6 million barrel increase.