Oil prices rise nudge up after recent slide

Crude prices edged higher on Wednesday on theHEELS of a sharp selloff, even as investors remained unsure whether the deal by major oil producers to curtail output would help restore balance in the market. Brent crude, the global oil benchmark, rose

0.76% to $54.03 a barrel on London’s ICE Futures exchange. On the New York Mercantile Exchange, West Texas Intermediate futures were trading up 0.65% at $51.15 a barrel.

Analysts said Wednesday’s uptick in prices was mainly driven by bargain hunting after prices fell over 6% earlier in the week.

Investors are bracing for more bad news following signs that some producers inside the Organization of the PetroleumEXPORTING  Countries have been ramping up production faster than expected, while others such as Iran, have aggressively sold off their inventories.

The Wall Street Journal reported Tuesday that Libyan militias have struck deals to allow the National Oil Co., or NOC, to reopenIMPORTANT petroleum-producing infrastructure.