Crude oil futures climbed on Thursday, arresting a two-session losing streak, as industry spending cuts and a weaker dollar spurred buying.
U.S. March crude futures closed up $2.37, or 4.9 percent, at $51.21 a barrel, after falling more than 2 percent in the previous session.
March Brent futures were up $2 at nearly $57 a barrel, following a 3 percent loss in the previous session that saw prices break below $54 at one point.
The chief executive of Shell said Thursday supply might not be able to keep up with growing demand after oil companies slashed budgets following a near-halving of oil prices since June.
French energy major Total on Thursday became the latest to announce investment and job cuts because of weak oil prices.
``Shell's CEO had a more bullish take on supply and demand and the weaker dollar also helped support crude,'' said Phil Flynn, analyst at Price Futures Group in Chicago.
Volatility in the oil market has jumped to the highest level since the financial crisis, with prices swinging in a wide range this month following the near 60 percent crash between June and January.
The dollar fell 0.33 percent against a basket of currencies.