Oil prices reversed earlier losses on Thursday after failing to break below technical support levels and as OPEC members told customers they would cut crude supplies as part of the cartel's agreement to reduce output.
Earlier in the day, prices fell to the lowest level in a week as the dollar rallied following an increase in U.S. interest rates.
The dollar rose to a 14-year high against a basket of other currencies after the U.S. Federal Reserve raised rates for the first time in a year on Wednesday. A stronger dollar, in which oil is traded, tends to hit crude demand as it makes fuel purchases more expensive for users of other currencies.
International Brent crude oil futures rose 18 cents to $54.08 a barrel at 2:35 p.m. ET (1935 GMT), down 14 cents from their last close.
U.S. West Texas Intermediate (WTI) crude oil futures settled down 14 cents at $50.90 per barrel.