Brent crude futures were down 69 USA cents, or 1.1 per cent, to settle at $US63.66 a barrel. They fell 3.3% on Wednesday, having fallen to the lowest since July 9.
U.S. West Texas Intermediate and international-Benchmark Brent crude oil futures are rebounding early Wednesday following yesterday's steep sell-off.
Oil steadied after falling more than 3% overnight, with us crude trailing Brent after USA inventory data fell short of expectations, amid conflicting signals from the USA and Iran over the disputes that have roiled prices recently.
US crude oil imports averaged 6.8 million barrels per day (b/d) last week, down 470,000 b/d from the previous week, while crude oil exports averaged about 2.5 million b/d, down about 514,000 b/d from the previous week, according to the Weekly Petroleum Status Report.
Oil prices slumped on Tuesday on increased hopes for a return of Iranian crude to the global oil market after U.S. President Donald Trump said progress had been made with Tehran, signaling tensions could ease in the Middle East. Distillate inventories grew by 6.226 million barrels for the week, while inventories at Cushing fell by 1.115 million barrels.
Official data is due out later on Wednesday from the US government's Energy Information Administration (EIA).
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Futures declined as much as 0.8% in NY after the Energy Information Administration found stocks of gasoline and distillate fuels grew by a combined 9.25 million gallons, well above analyst estimates.
Net U.S. crude imports were marginally higher, rising 44,000 bpd, while exports alone fell about half a million bpd.
However, Iranian authorities later denied it was willing to negotiate over its ballistic missile programme, however, appearing to undercut Trump's statement.
Tension between the USA and Iran over Tehran's nuclear program have previously given support to oil futures prices, given the potential for a price spike should the situation deteriorate.
The Bureau of Safety and Environmental Enforcement said 1.1 million barrels per day of oil, or 58% of the region's total, and 1.4 billion cubic feet per day of natural gas output remained shut.