West Texas Intermediate futures for December delivery are currently at $43.29 (+0.21%), while Brent crude stabilized around $46.88 (+0.15%) after recent declines. However prices may fall one more time as data by the American Petroleum Institute suggest a 4.1 million barrel build in U.S. oil stocks in the week to October 23. The Energy Information Administration will publish its more accurate report later today.

On Tuesday BP, Europe's third-largest oil company, announced further spending cuts to about $19 billion this year after investing about $23 billion in 2014 and more asset sales over the coming years to withstand a prolonged period of low oil prices. BP's profits fell 40% in the third quarter.