Oil prices jumped on Wednesday, rebounding after several days of weakness as a much bigger-than-expected drawdown in U.S. gasoline and diesel inventories augured for a coming seasonal increase in refining demand.

Looming U.S. sanctions on oil exporter Iran helped support prices, but traders remained concerned about the worldwide energy demand outlook. On Tuesday, oil prices slumped 5 percent on concerns tied to a weaker economic outlook.

U.S. West Texas Intermediate crude futures CLc1 rose $1.08 to $67.52 a barrel, a 1.7 percent gain, as of 12:08 p.m. EST (1608 GMT). Brent crude LCOc1 rose 82 cents to $77.25 a barrel. The global benchmark had fallen earlier to a session low of $75.11, the lowest since Aug. 24.

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