Futures rose as much as 1.4 percent in New York after climbing 1.1 percent Tuesday. Inventories dropped by 5.14 million barrels last week, the American Petroleum Institute was said to report. Data from the Energy Information Administration Wednesday is forecast to show supplies fell. Canadian oil-sands producers that cut more than 1 million barrels a day from the market because of the threat of wildfires are starting the process of resuming operations.

With most companies indicating continued reductions in E&D budgets absent a meaningful increase in crude oil prices, proved reserves additions will likely continue to decline.

Brent futures rose 50 cents to $49.11 a barrel, having closed 26 cents up previously to snap a four-day slide.

Now, under the economic plan known as Vision 2030 promoted by the king’s powerful son, Deputy Crown Prince Mohammed bin Salman, the government is signaling it wants to wean the kingdom’s economy off oil revenue, lessening the need to manage prices.

Speaking from his high-rise office in the capital, Doha, Mohammed bin Saleh al-Sada said a minimum price of $65 a barrel is "badly needed at the moment." He cautioned that the security of future supplies is as risk because of the price slump that has squeezed oil producers since 2014.

Brent futures LCOc1 were down 18 cents at $48.54 a barrel as of 0421 GMT, after ending the previous session 9 cents down. U.S. crude futures CLc1 fell 26 cents to $48.15 a barrel, having settled down 41 cents in the previous session.

International Energy Agency (IEA) Executive Director Fatih Birol said last month that global upstream investment fell by 24 percent in 2015 and is set to fall by 18 percent in 2016.

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Saudi Arabia’s debt plans come as falling oil prices encourage other Gulf countries, including Abu Dhabi and Oman, to turn to capital markets for funding, setting a new record for borrowing by Middle Eastern governments so far in 2016. This week, Qatar said it was looking to tap dollar bond markets for the first time in five years.

The Brent crude contract for July on London's ICE was up $1.14 to $48.97/bbl. The August contract gained $1.29 to $49.43/bbl. The June gas oil contract gained $11.50 to $430.25/tonne.