Benchmark oil for April delivery was up 28 cents to $92.80 per barrel at late afternoon Bangkok time in electronic trading on the New York Mercantile Exchange. The contract fell $1.58 to finish at $92.16 on Tuesday.
Brent crude, used to price many kinds of oil imported by U.S. refineries, rose 42 cents to $107.86 per barrel on the ICE Futures exchange in London.
Oil prices fell Tuesday after lawmakers in Cyprus rejected a plan to tax bank deposits to stabilize the country's banks and clear the way for an international bailout.
But data pointing toward a steadily improving U.S. housing market provided further proof that an economic recovery is taking hold.