Oil prices climb after the announcement of US data

Oil prices rose Wednesday morning after sharp losses in the previous session, as data showed an unexpected result for US oil inventories, despite concerns about a lack of agreement among producers to curb the output of raw materials.

Crude oil futures fell about 3 percent on Tuesday after Iran rejected a proposal from Saudi Arabia to limit oil production. It is hoped that the two largest OPEC producers can find a compromise this week to help ease the global oil glut.

Members of the Organization of the Petroleum Exporting Countries (OPEC) will hold informal talks on Wednesday. On the sidelines of the three-day International Energy Forum, which is taking place in Algeria, there will also be meetings with non-OPEC producers.

Oil prices were supported by data from the American Petroleum Institute industry group, which showed that crude inventories fell 752,000 barrels in the week ending September 23 to 506.4 million barrels, lower than expected.

The market is now awaiting official stock data from the US Department of Energy (EIA), which will be released at a later date.