Having booked steep losses the day earlier, oil benchmarks on both sides of Atlantic staged a solid comeback on profit-taking ahead of crucial OPEC monthly outlook report. OPEC and EIA report in focus Currently both crude benchmarks are retracing from daily peaks, with WTI rising 1.74% to 28.48 and the Brent oil up 1.73% to 30.84. The black gold attempts a tepid-bounce this session after comments from Iran's Oil Minister provided fresh life to the bulls against a back drop of saturated oil markets. Iran's Oil Minister Bijan Zangeneh said on Wednesday, "We support any form of dialogue and cooperation with OPEC member states including Saudi Arabia." Moreover, the prices also rebounded on the back of a short-covering rally after the recent slide, as markets remain wary ahead of the OPEC monthly report and EIA stockpiles data. On Tuesday, both crude benchmarks suffered sharp losses, with WTI closing nearly 6% lower, while Brent was down about 8%. Meanwhile, markets appear to ignore the API report which showed that crude inventories in the US climbed by 2.4 million barrels for the week to February. Markets also await Fed Chair Yellen’s testimony due later today, which may have major influence on the USD moves and hence, eventually impact the dollar-priced-in oil. For more information, read our latest forex news.