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

Oil climbed more than $1 on Wednesday, reversing some of the previous day's losses, as a drop in U.S. crude inventories and concern about disruptions to U.S. output from Hurricane Francine countered concerns about weak global demand.

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.