Oil Stems Major Losses

LONDON (Reuters) - Oil stabilized on Wednesday after one of its biggest falls in years, but remained under pressure from oversupply and concern that a slowing global economy would depress demand. FILE PHOTO: A pump jack operates in the Permian Basin oil production area near Wink, Texas U.S. August 22, 2018. REUTERS/Nick Oxford/File Photo Benchmark Brent crude oil was up 45 cents at $56.71 a barrel by 1215 GMT, after dropping 5.6 percent on Tuesday and at one point hitting a 14-month low.