"The strong built in oil inventories is likely to keep downward pressure on oil prices", ANZ Research analysts said in a note.
US light crude was 8 cents higher at $66.26.
The worldwide oil benchmark, Brent crude, fell by more than two per cent on Tuesday on signs of rising supply and concerns that global economic activity and fuel demand would be hit by a deepening United States-China trade dispute. "China trade war, monetary policy tightening, fears of a hard Brexit (and) Italy's budget woes" as main reasons for the selloffs.
Both benchmarks posted their biggest monthly percentage decline since July 2016 in October, with Brent down 8.8 per cent for the month and US crude losing almost 11 per cent.
Brent has declined from a 2018 high of $86.74 in early October amid growing concern over a possible slowdown in global growth as the U.S-China trade dispute heats up and hits emerging market economies in particular.
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Benchmark Brent crude oil was up 80c at $76.71 a barrel by 8.40am GMT.
The U.S. Energy Information Administration estimated on October 24 that Iran may be able to continue production of as much as 2.8 million barrels per day, even after sanctions go into effect, based on what happened in 2012 after the country faced a similar situation. U.S. West Texas Intermediate (WTI) crude CLc1 futures fell $1.16 to $65.88 a barrel, down 1.7 percent. Worry over demand getting hit because of trade tensions between the U.S. and China also pushed prices lower.
The International Energy Agency (IEA) on Tuesday said that high oil prices were hurting consumers and could dent fuel demand at a time of slowing global economic activity. Also keeping the pressure on prices, a survey by Reuters said that the OPEC increased its production this month to the highest level since 2016.
"We think Trump will agree to China importing some volumes, similar to the treatment that India and South Korea receive", he said.
With the top three producers at over 33 billion bpd, they are meeting close to a third of the world's nearly 100 million bpd of consumption.
Clayton Allen of Height Securities said Iran's biggest oil customers, all in Asia, were seeking waivers to US sanctions against Iran's petroleum exports.