Oil prices were also supported by an API report that showed a larger-than-expected fall in crude stocks and an unexpected drop gasoline inventories on Tuesday. The Energy Department will release its Weekly Petroleum Status Report at 14:30GMT on Wednesday.
Oil for August delivery rose as much as $1.41 or 1.5% to $94.29 a barrel, although it has retreated toward the $94.00 region where it is 1.2% higher since opening. Crude prices gained 2.3% on Tuesday.
Brent for August delivery advanced near 1.7% on Wednesday and it trades near $110.30 a barrel.