US crude rose back above USD 30 a barrel and European benchmark Brent climbed well over USD 34 yesterday on hopes that the discussions would lead to concrete action to stabilise the battered market.
Brent for December delivery LCOc1 was down 8 cents at $50.38 a barrel as of 0142 GMT after settling up 73 cents on Friday.
Oil settled off the day's lows after tracking a rally in share prices on Wall Street. US crude continued its recovery in post-settlement trade, turning positive.
Data from industry group the American Petroleum Institute on Wednesday showed that US crude inventories rose by 9.4 million barrels in the week to Oct. 9 to 465.96 million, compared with analyst expectations for an increase of 2.8 million barrels.
Front-month Brent for November delivery edged down 15 cents at USD 49.09 a barrel as of 0119 GMT after it ended at USD 49.24 per barrel, down 1.24 percent, or 62 cents on Tuesday.
Brent North Sea crude for delivery in November, the global benchmark, finished at USD 49.24 a barrel in London, down 62 cents from yesterday's settlement.
US drillers removed nine oil rigs in the week ended October 9, bringing the total rig count down to 605, oil services company Baker Hughes Inc said late on Friday.
The two main crude contracts hit a six-year low during the April-September quarter owing to a fears about an oversupply, China's economic crisis and expectations for a US interest rate rise.
Front-month US West Texas Intermediate (WTI) crude futures traded up 55 cents at USD 45.14 per barrel at 0755 GMT. Brent was up 45 cents at USD 48.20 a barrel.
Cheered by Wall Street's rebound, Asian stocks rose led by Chinese markets whose deep tumble this week fed a global rout.
Asian equities tumbled, the US dollar retreated and industrial commodities from copper to oil slid to their weakest since 2009.
"US stockpiles unexpectedly expanded when the market was looking at a contraction, which heightened the global oversupply concerns," said Bernard Aw, a market strategist at IG Markets in Singapore.
US benchmark West Texas Intermediate for September delivery dropped three cents to USD 43.27 and Brent crude for September gained six cents to USD 49.72 in midday trade.
Brent futures initially edged up before continuing their slide of the last two months as China's yuan hit a four-year low, slipping further a day after authorities devalued the yuan in a move to support its struggling economy and which sparked fears of a global currency war.
Gold struggled to pull away from a 5-1/2-year low on Thursday after more upbeat US economic data bolstered prospects that the Federal Reserve could lift interest rates as soon as next month
Oil prices rose in Asia on Wednesday as dealers predicted the latest US crude stockpiles and production data will point towards upbeat demand in the world's top crude consumer, analysts said.
US benchmark West Texas Intermediate (WTI) for September delivery dived almost 3.0 per cent, shedding USD 1.40 to close at USD 47.52 a barrel on the New York Mercantile Exchange.
US benchmark West Texas Intermediate for September delivery fell 32 cents to USD 48.20 and Brent crude for September shed 24 cents to USD 53.07 a barrel in afternoon trade. Both contracts tumbled yesterday, snapping two consecutive days of gains.
After a two-day meeting, policymakers said on Wednesday they felt the economy had overcome a first-quarter slowdown and was "expanding moderately".
Gold stabilised on Tuesday, holding just above a five-year low, but with investors still clinging to views of further price falls a day after the metal lost 4 percent.
US benchmark West Texas Intermediate for August delivery rose 39 cents to USD 51.80 a barrel in late morning trade after tumbling USD 1.63 in New York yesterday.
US benchmark West Texas Intermediate for August delivery rose 26 cents to USD 53.29 and Brent crude for August climbed 10 cents to USD 58.61 a barrel in late morning trade.
US benchmark West Texas Intermediate for August delivery fell 75 cents to USD 51.45 and Brent crude for August eased 60 cents to USD 57.25 in afternoon Asian trade.
Oil rebounds in AsiaPrices rose ahead of an emergency summit on Greece by eurozone leaders in Brussels on Tuesday, after Greek citizens overwhelmingly rejected creditors' demands for further belt-tightening in a referendum.
Asian equity markets and the euro were facing sell-offs at the start of the week after cash-strapped Greece broke off deadlocked talks with creditors over the weekend, despite a June 30 due date of a massive repayment to the International Monetary Fund.