Singapore: Oil prices rose higher on Wednesday after a steep drop in the past session, backed by OPEC and its allies ' prolonged cutbacks in production despite worries that a slowing global economy might crush demand.
An anticipated big draw in U.S. crude oil inventories also underpinned sentiment following a drop in a private study from larger than anticipated stocks.
Brent crude futures were up 36 cents, or 0.6 percent, at $62.76 a barrel of 0244 GMT for September shipment.
For August, US crude futures were up 29 cents, or 0.5%, to $56.54 a barrel. On Tuesday, both benchmarks dropped more than 4 percent as concerns about a slowing global economy overshadowed supply reductions to OPEC.
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