Oil climbs to above $111 on gasoline, dollar | Reuters

Oil rebounded more than $1 to above $111 a barrel on Wednesday, after falling for two sessions, supported by a surprise drop in U.S. gasoline inventories and a weaker dollar.

U.S. gasoline stocks fell 676,000 barrels last week, the American Petroleum Institute said on Tuesday ahead of government supply data in the Energy Information Administration report due at 1430 GMT.

"We're waiting for the data from the U.S., the market wants to bounce a bit and if it's strong it will give the market a lift, but if it comes in weak, then it will just confirm what everyone thinks, so there won't be too much downside," Helen Henton, analyst at Standard Chartered said.