SINGAPORE: Oil prices rebounded on bargain-buying in Asia Wednesday after the previous day's plunge but analysts warned any gains would be limited as the global glut that has hammered markets showed no sign of letting up. Investors are also nervously awaiting the release later in the day of a report on US stockpiles that is forecast to show a further increase in inventories. –AFP

At around 0300 GMT, US benchmark West Texas Intermediate (WTI) for March delivery was up 54 cents, or 1.93 percent, at $28.48 and Brent crude for April climbed 72 cents, or 2.37 percent, to $31.04.

WTI plunged 5.9 percent and Brent dived 7.7 percent on Tuesday after the International Energy Agency (IEA) said in its monthly report that the global surplus would be larger than previously expected in the first half of 2016.

It noted that the Organization of the Petroleum Exporting Countries (OPEC) was chiefly responsible for the oversupply, adding that Saudi Arabia, Iraq and Iran -- which has just seen nuclear-linked sanctions lifted -- had "all turned up the taps" in January.

Phillip Futures analyst Daniel Ang also said Wednesday's price rebound was helped by the reopening of some regional markets after the Chinese New Year break.