Oil prices seesawed on Thursday as tumbling stock prices on Wall Street offset bullish sentiment from inventory draws at the U.S. crude delivery hub cited by a market data provider.
U.S. West Texas Intermediate (WTI) crude closed up 43 cents, or 0.97 percent, at $44.91 a barrel, having slumped $1.88 on Wednesday. Brent crude was up 45 cents at $48.90 a barrel, after ending the previous session down $1.33.
U.S. equities' key S&P 500 index hit session lows at midday as prices of industrial stocks fell on concerns of slowing global economic growth.
That pared the gains in oil, which rallied earlier on data from market intelligence firm Genscape suggesting a drawdown of 625,000 barrels out of the Cushing, Oklahoma delivery point for U.S. crude in the week to Sept. 22.
"There was a technical bounce after the Genscape numbers were noticed by the market, though there were also new lows from sell-stops after the S&P tanked," said Peter Donovan, broker at New York's Liquidity Energy.