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Brent crude futures were up 9 cents, or 0.1%, at $89.92 a barrel
by 0847 GMT, while U.S. West Texas Intermediate crude futures
inched up 4 cents, or 0.05%, to $85.53 a barrel.
Euro zone business activity took a surprise turn for the worse
this month, data showed on Wednesday, suggesting the bloc may
slip into recession.
German readings suggested a recession in the country is well
underway, while Britain's businesses reported another decline in
activity this month, underlining the risk of recession ahead of
the Bank of England's interest rate decision next week.
Both oil benchmarks fell more than 2% on Monday as diplomatic
efforts in the Middle East, the world's biggest oil-supplying
region, intensified to contain the conflict between Israel and
Hamas.
Hamas on Monday said it had freed two Israeli women, while
sources said the U.S. had advised Israel to hold off on a ground
assault in the Gaza Strip.
PVM analyst John Evans said "the disturbing truth (is) that
without further conflict oil’s rally is transient, or at least
the rally involving the latest Middle East nightmare."
In the U.S., crude stockpiles were expected to have risen last
week, a preliminary Reuters poll showed on Monday.
The poll was conducted ahead of reports from the American
Petroleum Institute industry group, due at 2030 GMT on Tuesday,
and the Energy Information Administration, due at 1430 GMT on
Wednesday.
"We expect WTI to move within the $80-$90 range for a while,"
said Yuki Takashima, economist at Nomura Securities.
(Additional reporting by Mohi Narayan in New Delhi and Yuka
Obayashi in Tokyo; Editing by Jan Harvey)
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