Investing.com - Oil prices rose on Wednesday after data showing U.S. crude stocks dipped, while rising Japanese machinery orders also lent support amid an ongoing global supply glut.
U.S. crude futures were at $38.08 per barrel at 12.08 GMT, up 1.51% from their last settlement. On Tuesday, U.S. crude futures touched the lowest level since early 2009 amid worries about the oversupplied global market.
Internationally traded Brent futures were up 1.27% at $40.75 a barrel.
Oil prices were boosted after the American Petroleum Institute said crude inventories fell by 1.9 million barrels to 488 million barrels last week.
Official storage figures from the U.S. Energy Information Administration were due at 10:30 Eastern Time and were expected to show a 252,000 barrel increase in U.S. stockpiles last week.