Oil surges from 14-month lows
Crude prices rose at the beginning of Wednesday's trading, from a 14-month low, as concerns over oversupply continued.
In a report last week, the Organization of Petroleum Exporting Countries expressed its pessimism about global demand for crude oil in 2019, expecting growth of 1.29 million barrels per day, compared to a growth of 1.5 million bpd in 2018.
Brent crude for February delivery rose 0.21 percent, or 12 cents, to $ 56.38 a barrel by 07:29 GMT.
By 0.09 percent or 6 cents, US crude futures for January delivery rose to $ 46.62 a barrel.
Starting in early 2019, the implementation of a new agreement to reduce production by about 1.2 million barrels per day, among the largest producers in OPEC, and independent producers led by Russia, in an attempt to restore market stability.