Following a two-day decline, oil prices stabilised as investors weighed slowdown worries
including President Joe Biden's remarks that a US recession was possible, against changes in the dollar and risk appetite.
After falling more than 3% over the previous two sessions, West Texas Intermediate recovered a loss of as much as 1.2% to trade above $89 per barrel.
Biden's cautious judgement came after similarly pessimistic statements from Jamie Dimon, the CEO of JPMorgan Chase & Co., and the International Monetary Fund.
The dollar lost momentum on speculation that the Bank of England could take additional measures to calm its domestic markets
particularly gilts, after a period of turbulence, which led to a narrowing of oil's intraday losses.