Oil prices stabilized on Wednesday as concerns about weakening demand offset industrial data showing a larger-than-expected drawdown in U.S. crude inventories, Reuters reported.

Brent oil futures were at $104.55 a barrel this morning, up 15 cents, or 0.1%. US West Texas Intermediate (WTI) rose 27 cents, or 0.5%, to $95.25 a barrel.

After Tuesday's settlement, the American Petroleum Institute industry group said U.S. crude inventories fell by 4 million barrels last week.

This was four times the decline expected by analysts in a Reuters poll.