Crude Oil prices bounced from a 7 week low on Wednesday as investors looked for relief in U.S. durable goods and oil inventory reports due later in the day, after fears of a double-dip recession intensified with dismal housing data.

Oil slid 2% on Tuesday on news that sales of previously owned U.S. homes dropped by a record 27.2 percent in July, sending global equities to one-month lows.

Meanwhile the U.S. crude stockpiles unexpectedly fell last week, an industry report showed late on Tuesday, raising some hope that government statistics due later today would show an improvement in oil demand by the world's largest user.