US West Texas Intermediate (WTI) crude futures gained 43 cents, or 0.8 percent, to $54.09 a barrel after posting a session low of $52.86 a barrel.
Meanwhile, U.S. sanctions against Venezuela's oil industry are expected to knock out at least 500,000 bpd of crude exports.
Oil prices fell on Monday after disappointing USA factory data sparked fresh concerns about a slowdown in the global economy, but losses were limited as OPEC-led supply cuts and US sanctions against Venezuela pointed to tighter supply.
U.S. government data on Wednesday showed that domestic crude inventories rose by less than expected last week even as refineries hiked output. WTI settled 2.73 percent higher in the last session at its highest close since November 19.
The producers known as OPEC+ started cutting production by 1.2 million barrels per day (bpd) from last month to avert a new supply glut, and OPEC has delivered nearly three quarters of its pledged cuts already, a Reuters survey showed last week.
The sanctions will limit oil transactions between Venezuela and other countries and are similar to those imposed on Iran past year, some analysts said after examining details announced by the US government.
Russia has been in full compliance with its pledge to gradually cut its oil production, Russian Energy Minister Alexander Novak said in a statement on Monday, adding that production fell by 47,000 barrels per day (bpd) in January from October. The sanctions aim to block United States refiners from paying into PDVSA accounts controlled by Venezuelan President Nicolas Maduro.
Venezuela's oil exports fell to a 10-month low in January following new sanctions on the nation's state-owned oil company Petroleos de Venezuela SA that effectively block Maduro's regime from exporting crude to the U.S.
Market participants are also watching for developments surrounding the U.S.
"Supply fundamentals have increasingly been turning supportive in recent weeks, but against this the market still worries about the yet-to-be-realized - if at all - impact on demand from weaker macroeconomic fundamentals".
"The market is being boosted by optimism over the higher-level trade talks between the United States and China that were completed on January 31".
U.S. Trade Representative Robert Lighthizer and Treasury Secretary Steven Mnuchin will lead a delegation to Beijing next week to lay the groundwork for a meeting between Presidents Donald Trump and Xi Jinping later this month.
Bobby Portis will be a restricted free agent this summer and was originally a first-round draft choice of the Bulls in 2015. It is looking very likely that the Chicago Bulls have their eyes set on drafting Murray State's Ja Morant .
While everyone was wondering what was happening, Munro was also surprised and when he saw the stump light flashing behind him. Kane Williamson (34) and Ross Taylor (23) chipped in to help New Zealand reach 219/6 in their 20 overs.
The "substantial amount of wreckage" of the plane, was found on Sunday morning after Mr Mearns' privately-funded search began. Local police called off the search after a few days, stating that it was unlikely anyone would still be found alive.
It's always reassuring to hear that the president of the United States may have a more lax schedule than the rest of us. Many of Trump's most prolific tweetstorms have taken place during the block set aside as executive time.
The 1983 Los Angeles Raiders won the Super Bowl when they defeated the Washington Redskins 38-9 in Super Bowl XVIII. There were rumors the Raiders may share Levi's Stadium with the 49ers, but that deal never came to fruition.
Instead, European, Japanese, Canadian and Mexican firms are likely to reap the greatest benefits, the research found. The speech comes ahead of last-minute talks between the two countries aimed at reaching a deal on trade.
In 39 games this season for the Bulls, Jabari Parker is averaging 14.3 points , 6.2 rebounds and 2.2 assists per contest. After signing a two-year deal worth $40 million, he found his playing time cut with the return of Lauri Markannen.
On Tuesday, the National Institute of Water and Atmospheric Research (NIWA), shared their random discovery in a press release. The stick was in good condition - "considering where it had come from" - and the researchers let it dry out for a few weeks.
They've since traded for Mariners ace James Paxton and signed infielder Troy Tulowitzki, amongst other moves. Drafted first overall by the Washington Nationals in 2010, Harper has finally reached free agency.
Branden Grace took the lead with consecutive birdies, but hit his tee shot into the water on the drivable par-4 17th for a bogey. American Rickie Fowler lost a four-shot lead in freaky fashion at the Phoenix Open but recovered to win the event.
Federal prosecutors subpoena Trump's inaugural committee
President Obama's 2009 inaugural committee raised a then-record $55 million (Obama's 2013 committee raised $43 million). The Russia inquiry, which has ensnared several senior figures from his presidential campaign, appears close to the end.
Donald Tusk: Special place in hell for Brexiteers without a plan
Interested in Brexit? Add Brexit as an interest to stay up to date on the latest Brexit news, video, and analysis from ABC News. Donald Tusk has courted controversy by saying there is a " special place in hell for those who promoted Brexit without a plan".
Jennifer Lawrence is engaged to Cooke Maroney
Another source told Harper's Bazaar they'd seen J-Law wearing "a giant rock" on her wedding ring finger. Maroney is an art gallery director at the Gladestone Gallery in New York, USA Today reported.