After rebounding during the previous session following a surprise drop in U.S. crude inventories and a drop in business activity by the world's largest oil consumer, oil prices stabilized above $88 per barrel on Wednesday.

Brent crude futures fell 24 cents, or 0.27%, to $88.18 per barrel at 10:24am GMT. West Texas Intermediate crude futures in the United States lost 33 cents, or 0.4 percent, to $83.03 per barrel. While the market was also supported by a weaker US dollar and investors eased concerns about the Middle East conflict, this offset some of the approximately 1.6% gain in Brent compared to the previous session