Oil rebounds as U.S. stockpiles drop, interest rate cut outlook brightens

Oil prices bounced back on Wednesday after a three-day decline, spurred by an industry report indicating a drop in U.S. crude and fuel inventories last week, suggesting stable demand and improved prospects for interest rate cuts.

Brent futures increased by 21 cents to reach $84.87 per barrel by 0055 GMT, rebounding from a 1.3% decrease in the previous session.