US crude futures climbed back above $39 a barrel, rising 0.9 percent after falling 2.3 percent a day earlier, as Opec's talk of a possible emergency meeting countered concerns about falling demand in a weak global economy. NYMEX crude for February delivery was trading up 36 cents at $39.34 a barrel in Globex electronic trading as of 2357 GMT, after settling down 93 cents at $38.98 on Tuesday.
NYMEX gasoline led the complex's fall on Tuesday after US government data showed the economy of the world's biggest energy consumer shrank 0.5 percent in the third quarter as a credit and housing crisis took hold.
The UK economy shrank 0.6 percent in the third quarter, the first decline there since the early 1990s, and data also showed recessions taking root in Spain and New Zealand. Opec, which has already agreed to slash global oil supplies by 5 percent, may call an emergency meeting before March if the market extends its nearly $110 barrel slide since summer, Opec's President Chakib Khelil said on Tuesday.