Oil futures bounced Wednesday, finding support on industry data that showed a drop in U.S. crude inventories as traders track Hurricane Francine.

Oil prices rose over 1% on Wednesday, recovering some losses from the previous day. A drop in U.S. crude inventories and concerns about Hurricane Francine affecting U.S. output countered worries about weak global demand.

Oil climbed more than 2% on Wednesday, paring some of the previous day's losses, as a drop in U.S. crude inventories and concern about Hurricane Francine disrupting U.S. output countered concerns about weak global demand.