Brent crude rose 33 cents, or 0.8%, to $41.60 a barrel by 0044 GMT after declining more than 1% on Tuesday. U.S. crude was up 42 cents, or 1.1%, at $39.69 a barrel, having dropped by 1.1% in the previous session.
U.S. West Texas Intermediate (WTI) crude futures erased gains from Wednesday, falling as low as $38.42 a barrel. The benchmark contract was down 2.2%, or 86 cents, at $38.74 at 0031 GMT.
The extent of the damage that the coronavirus pandemic had inflicted on the oil industry came into focus on April 20, when the U.S. benchmark WTI contract plunged to minus $38 a barrel.
In this episode of Big Story, Moneycontrol's Sakshi Batra discusses this once in a lifetime event and explains why this may not have much bearing on petrol and diesel prices
Investors sold the May futures contract due to expire on Tuesday in a series of waves. At one point the contract hit negative $40. When the trading stopped, crude oil had ended the day at a negative $37.63 a barrel, a decline of some 305%, or $55.90 a barrel.
U.S. West Texas Intermediate (WTI) crude for May delivery was up $38.73 at $1.10 a barrel by 0117 GMT after settling down at a discount of $37.63 a barrel in the previous session.
U.S. West Texas Intermediate (WTI) crude futures were up by 31 cents, or 0.6%, at $56.41.
International benchmark Brent futures were at $71.57 per barrel at 0056 GMT, down 16 cents, or 0.2 percent, from their last close.
IOC, the country's top refiner, has bought 2 million barrels of Louisiana Light Sweet crude and a million barrels of WTI Midland through tender for arrival in July , said the source. The source did not wish to be identified due to the sensitivity of the matter.
U.S. exports recently set a weekly record with nearly 2 million barrels of crude a day sent overseas. But shipments to India have been rare, with just a few deliveries since the U.S. lifted its ban on crude exports in late 2015.
IOC bought 1 million barrels each of U.S. Southern Green Canyon (SGC) and WTI Midland crude likely from a Chinese trader, the people said, speaking on condition of anonymity. The purchase was in addition to 2 million barrels of Basra Light crude to be delivered in the same month.
Crude oil prices are still capped below the key $50-per-barrel mark on concerns about high production from the Organization of the Petroleum Exporting Countries (OPEC) despite its pledge to cut output along with non-OPEC producers.
Brent crude was yet to trade. On Thursday, it settled down 92 cents, or 1.7 percent, at USD52.19 a barrel, after slumping 5 percent the day before in its biggest percentage decline in a year.
The euro meanwhile rallied briefly against the dollar as the ECB said it no longer saw a deflation threat and would end some of its massive support for the eurozone economy.
US benchmark West Texas Intermediate (WTI) crude futures climbed 33 cents, or 0.66 percent, to USD 50.61 a barrel at 0032 GMT, after plummeting 5.38 percent to USD 50.28 per barrel in the previous session, hitting the lowest level since December.
US West Texas Intermediate (WTI) crude fell 32 cents, or 0.6 percent, to USD 52.82 a barrel as of 0107 GMT, after ending the previous session down 0.1 percent.
US West Texas Intermediate crude slipped 4 cents to USD53.16 a barrel as of 0042 GMT after settling down 13 cents in the previous session.
Brent crude futures dropped 20 cents, or 0.4 percent, to USD 55.70 a barrel as of 0459 GMT after settling 1.5 percent higher in the previous session.
US West Texas Intermediate (WTI) futures gained 10 cents, or 0.2 percent, to USD52.71 a barrel by 0039 GMT after dropping to its lowest since Feb. 9 in the last session. The benchmark Brent crude futures were yet to start trading after falling 2.3 percent on Thursday.
Crude stockpiles in the United States, the world's top oil consumer, rose by 1.5 million barrels last week, less than forecast, but touching a record at 520.2 million barrels after eight straight weekly builds.
Investors in the oil market are awaiting weekly inventories data from the U.S. Energy Information Administration due at 1530 GMT on Wednesday.
Brent crude oil climbed 0.2 percent to USD 56.09 a barrel, while US West Texas Intermediate added 0.1 percent to USD 54.04 a barrel.
U.S. crude stocks rose by 564,000 barrels in the week to Feb. 17, according to the Energy Information Administration (EIA), although the gain was below analysts' expectations for an increase of 3.5 million barrels.
The US West Texas Intermediate April crude contract, the new front-month future, was up 18 cents at USD 54.51 a barrel at 0228 GMT. On Tuesday, the March contract expired up 66 cents, or 1.2 percent, at USD 54.06, after peaking at USD 54.68, the highest since January 3.
US West Texas Intermediate crude was up 31 cents, or 0.6 percent, at USd 53.71 a barrel at 0218 GMT, after rising about 0.5 percent in a shortened session on Monday due to a US national holiday.