WASHINGTON (dpa-AFX) - Oil prices recovered some ground on Wednesday after tumbling the most in more than a year the previous day on worries over Chinese demand.
Benchmark Brent crude futures climbed 0.8 percent to $77.79 a barrel in European trade, after having lost 4.6 percent on Tuesday as Beijing held back on major fresh stimulus, raising concerns about the trajectory for demand growth from the world's biggest crude importer.
WTI crude futures were up 0.8 percent at $74.14 a barrel, with the potential upside capped by a surprise crude inventory spike and reports suggesting that Hezbollah supports efforts aimed at achieving a ceasefire in Lebanon.
Data from the American Petroleum Institute (API) showed that crude oil inventories in the U.S. rose by 10.9 million barrels during the week ended Oct. 4.
However, gasoline inventories fell by 557,000 barrels, and distillate inventories-which include diesel and heating oil-declined nearly 2.6 million barrels.
The weekly crude oil report from the U.S. Energy Information Administration (EIA) is awaited later in the day.
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