09:11 AM EDT, 10/30/2024 (MT Newswires) -- Oil prices rose early on Wednesday, rebounding from two days of losses after a report showed an unexpected drop in U.S. inventories last week, even as concerns over rising supply as demand remains weak limit gains.

West Texas Intermediate crude for December delivery was last seen up US$1.40 to US$68.61 per barrel, while December Brent crude, the global benchmark, was up US$1.30 to US$72.42.

In its weekly survey, the American Petroleum Institute late Tuesday said U.S. oil inventories fell by 573,000 barrels last week, while the consensus estimate among analysts polled by Reuters called for a 2.2-million barrel rise in stocks. The Energy Information Administration will release official inventory data later on Wednesday morning.

OPEC+ officially remains committed to returning 2.2-million barrels per day of voluntary production cuts to the market with monthly additions of 180,000-bpd beginning in December. However the cartel said it will consider market conditions ahead of the supply increases. With prices down 16% over the past six months on weak demand from China, the group may face pressure to stall the supply boost, Reuters reported a final decision on the increase will be made as soon as next week.

"Crude trades steady after two-day decline with the focus on EIA's weekly stock report while traders are split on whether OPEC+ will go ahead with a December production increase," Saxo Bank wrote.