MELBOURNE (Nov 18): Oil halted its slide near the lowest close in more than two months as U.S. industry data showed crude stockpiles declined in the world’s biggest consumer.

Futures climbed as much as 1.1 percent in New York after slumping 2.6 percent Tuesday. Inventories dropped by 482,000 barrels last week, the American Petroleum Institute was said to report. Energy Information Administration data Wednesday will probably show supplies expanded by 2 million barrels, according to a Bloomberg survey.

Crude has plunged about 45 percent the past year amid speculation a global glut will be prolonged as the Organization of Petroleum Exporting Countries continues to pump above its collective quota. Iran won’t negotiate with OPEC or seek the group’s permission before boosting exports once sanctions are removed, Oil Minister Bijan Namdar Zanganeh said Tuesday.

West Texas Intermediate for December delivery rose as much as 46 cents to $41.13 a barrel on the New York Mercantile Exchange and was at $41.09 at 8:08 a.m. Hong Kong time. The contract lost $1.07 to $40.67 on Tuesday, the lowest close since Aug. 26. The volume of all futures traded was about 23 percent below the 100-day average.

Brent for January settlement fell 99 cents, or 2.2 percent, to $43.57 a barrel on the London-based ICE Futures Europe exchange on Tuesday. The European benchmark crude ended the session at a premium of $1.86 to WTI for January.