Overseas shares traded in the United States were higher in a quiet session on Wednesday, with commodity stocks leading the way in a rebound from recent declines.

Latin American oil giant Petrobras
surged 4.3 percent to $25.74 after it said two massive oil fields in the deep waters offshore region known as the subsalt were declared commercially viable, lifting its reserves by several billion barrels of oil equivalent.

The oil sector was also help by a rebound in Asia, which has been pressured since a recent surprise decision by China to raise interest rates in a move to curb inflation. The move sparked concerns about growth potential in the world's second-largest economy, and how that could impact demand for commodities and materials.

Hong Kong shares rose more than 1.5 percent on light volume, breaking three straight days of declines, as investors snapped up beaten down shares. China Petroleum advanced 2.1 percent to $94.66 while peer oil firm Cnooc Ltd was up 1.8 percent to $237.17.

The Bank of New York Mellon index of leading Asian ADRs <.BKAS> rose 0.7 percent while the BNY Mellon index of leading Latin American ADRs <.BKLA> surged 1.7 percent, while Latin American exchanges also rose, with Petrobras among the top gainers. Brazilian oil company Petroleo Brasil
gained 1.9 percent to $36.35.

The Bank of New York Mellon index of leading Europe ADRs <.BKEUR> rose 0.5 percent while Europe's FTSEurofirst 300 <.FTEU3> index of top shares ended 0.3 percent higher, though on extremely light volume.

Among European natural resource shares, BHP Billiton Plc rose 1.3 percent to $80.75 on U.S. exchanges while mining company Rio Tinto rose 1.1 percent to $70.83.

The BNY Mellon index of leading American Depositary Receipts (ADRs) <.BKADR> was 0.7 percent higher while the U.S. benchmark S&P 500 index <.SPX> was up 0.2 percent.

(Editing by Kenneth Barry)