West Texas Intermediate futures for September delivery rebounded to $46.03 (+0.63%), while Brent crude climbed to $50.32 (+0.66%). Investors are waiting for data from the U.S. Energy Information Administration to assess condition of the global supply glut. A report from the American Petroleum Institute showed on Tuesday that the country's crude inventories declined by 2.4 million barrels to 459.7 million barrels last week.

At the same time a stronger dollar makes the dollar-denominated commodity for importers holding other currencies.

OPEC members seem to be determined to maintain output at record levels.