Tuesday's seven-percent drop was due to ongoing worries about weakening global demand and oversupply.
Global benchmark Brent crude oil futures were up 51 cents at $65.08 per barrel by 2:29 p.m ET.
Anxious by a drop in oil prices and rising supplies, the Organization of the Petroleum Exporting Countries is talking again of reducing production just months after increasing it.
Brent is in so-called "bear market" territory alongside USA crude as it has fallen by more than 20% since its peak - $86 in early October. Consequently, this has dampened the outlook in the medium term for oil prices.
It said that it expected "subdued global economic growth" to drive demand even lower than Opec was now forecasting.
Since October, the oil price has fallen to below $70 a barrel, its lowest in eight months.
In August, the price of Brent crude oil has exceeded $75 per barrel.
Futures in NY fell were little changed after recovering slightly on Wednesday from a 17.6% slide over the previous 12 sessions.
Oil markets are being pressured from two sides: a surge in supply and increasing concerns about an economic slowdown.
Also, the former President, International Association of Energy Economist ( IAEA), Prof Adeola Akinnisibu, said many barrels of Iranian crude would still get to the market, as long as the United States allows some countries to buy the product.
"That reluctance yesterday and over the weekend by Russian Federation to participate in coming together to cut 1 million barrels sent a negative signal to the market", said John Kilduff, partner at Again Capital LLC.
The meeting in Abu Dhabi over the weekend raised the odds of an output cut next month to "fairly high", and the reduction may be in the 1 million-barrels-a-day range, according to RBC Capital Markets. An industry report was said to show U.S. stockpiles rose 8.8 million barrels last week, more than double the increase forecast in a Bloomberg survey before government data due on Thursday. Output, however, rose by 127,000 bpd to 32.9 million bpd, OPEC said. The strength in the greenback - which reduces the appeal of commodities priced in the US currency - may persist if the Federal Reserve raises interest rates again next month as expected, Mizuho's Tsugata said.