Members of Opec will hold informal talks on Wednesday. Its members are also meeting non-Opec producers on the sidelines of the three-day International Energy Forum, being held in Algiers, which ends on Wednesday.

"It looks increasingly likely that an agreement won't be reached in Algiers, with Opec now working towards something at November's official meeting," ANZ said in a note on Wednesday.

US West Texas Intermediate crude had climbed 27 cents to $44.94 per barrel early on Wednesday after ending down $1.26, or 2.7%, in the previous session.

Brent crude rose 32 cents to $46.29 per barrel after settling down $1.38, or 2.9%.

Oil prices drew support from data from industry group the American Petroleum Institute that showed crude stocks fell 752,000 barrels in the week ended 23 September to 506.4 million barrels, versus expectations for a 2.8 million-barrel build.

The market is now waiting for official inventory data from the US Department of Energy's Energy Information Administration, to be released later in the day, for confirmation if stocks fell unexpectedly for a fourth straight week.