West Texas Intermediate futures for October delivery advanced to $39.61 (+0.76%), while Brent crude rebounded to $43.51 (+0.69%) after China's central bank stepped in to support the country's economy. However both crudes remained not far from 6-1/2 year lows as concerns over ongoing supply glut limited gains. At the same time some investors believe that a rate cut, which was conducted by the People's Bank of China on Tuesday, will not be enough to stabilize China's slowing economic growth.

Meanwhile data from the American Petroleum Institute showed on Tuesday that U.S. crude inventories fell by 7.3 million barrels last week to 449.3 million, compared with analysts' expectations for a 1 million barrels rise. Energy Information Administration data is due 14:30 GMT today.