Oil prices rose on Thursday as an equity market rally offset a surprise increase in U.S. oil inventory levels and a firm dollar.
Rangebound crude got a boost after the European Central Bank pledged to keep monetary policy loose and said it was ready to take further policy action if needed.
A respite from bearish economic news in China, where markets are closed for public holidays for the rest of the week, have helped oil prices stabilize after weeks of huge swings.
Brent LCOc1 was up $1.50 at $52 a barrel by 1421 GMT, after rising 94 cents in the previous session.
U.S. crude CLc1 rose $1.70 to $47.95 a barrel, up from the day’s low of $45.65 and after settling 84 cents higher on Wednesday.
This article is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Corporation or any of its affiliates, subsidiaries, officers or directors. Leveraged trading is high risk and not suitable for all. You could lose all of your deposited funds.