Oil Rallied Above $113

Oil steadied above $113 on Wednesday, after falling a day ago to its lowest since May 2 in the wake of official data showing U.S. oil use in its steepest dive in 26 years.

Oil demand in the world's top consumer fell by an average 800,000 barrels per day (bpd) on-year during the first half, marking the sharpest fall since 1982, the Energy Information Administration (EIA) said.

U.S. crude rose 34 cents to $113.35 a barrel by 0614 GMT, more than $30 off the peak above $147 hit on July 11 as high fuel prices and economic problems hit demand worldwide.

London Brent crude climbed 4 cents to $111.19.