Following an industry report that U.S. crude and fuel inventories fell last week, oil prices rebounded on Wednesday after three days of declines.

American West Texas Intermediate (WTI) crude oil rose 26 cents to $81.67 per barrel, after falling 1.1% in the previous session. Brent futures rose 21 cents to $84.87 per barrel at 0055 GMT, after falling 1.3 percent in the previous session

WTI has fallen by 3% over the past three sessions amid concerns about falling global oil demand and signs that the Texas energy industry was relatively unaffected by Hurricane Beryl that hit the region on Monday. Brent fell by 3.2% over the same period. Prices were also supported by comments from US Federal Reserve Chairman Jerome Powell, who suggested that the case for reducing interest rates was becoming stronger. Lower interest rates should stimulate economic growth and therefore oil consumption.