Oil prices were steady on Wednesday after a steep fall in the previous session, supported by extended output cuts by OPEC and its allies despite concerns that a slowing global economy could crimp demand.
Prices were also supported by widely-watched data showing a larger-than-expected drawdown in U.S. crude oil inventories, with government data due later in the day.
Brent crude futures for September delivery were trading up 12 cents, or 0.2%, at $62.52 a barrel by 0613 GMT.
U.S. crude futures for August were up 16 cents, or 0.3%, at $56.41 a barrel. Both benchmarks fell more than 4% on Tuesday as worries about a slowing global economy.
