Oil prices rebounded slightly today from recent sharp losses as renewed tensions over Iran offset further signs of downbeat US energy demand, traders said.
New York's main contract, West Texas Intermediate (WTI) crude for delivery in May, rose $1.25 to $102.27 a barrel.
Brent North Sea crude for May climbed 14 cents to $120.02 in late London deals.
Brent had slumped $2.79 a barrel and WTI shed $1.44 on Tuesday as traders fretted over weak economic data in China and the United States, as well as resurgent concerns over the euro zone debt crisis, traders said.
Oil prices rebounded today in line with equity markets, as Iran media said the country's oil exports to Germany had stopped and imports of EU products had been cut as the European Union moves towards a total embargo on Iranian oil.
"Iran has ceased its (oil) exports to Germany, after a identical measure concerning France and Britain, and it is projected that exports to Italy will also be halted," Iran's Arab-language network Al-Alam reported.
The country's English-language Press TV gave the same information. Neither network identified its sources.
It comes just days before Iran holds crucial talks with world powers on its disputed nuclear programme.
The United States and its European allies suspect Iran's activities mask a drive to get to the "breakout" threshold of having the capability to make atomic weapons.
Iran denies any military dimension to its nuclear activities and has responded defiantly by accelerating them.
Elsewhere today, official data showed that stockpiles of US crude inventories jumped by a larger-than-expected 2.8 million barrels last week - indicating weak energy demand in the world's biggest economy.
