Oil rose on Thursday, a day after sliding to 10-month lows, but market sentiment remained negative due to ongoing pressure from a persistent supply glut despite OPEC-led efforts to
balance the market.
Brent crude futures were up 44 cents at $45.76 a barrel after falling as low as $44.53. Brent fell 2.6 percent the previous session to $44.35, lowest since November.
U.S. crude futures rose 21 cents, or 0.49 percent, to settle at $42.74 a barrel. On Wednesday, they fell as low as $42.05, their lowest intraday level since August 2016.
"Prices were pushed a bit too low," Hans van Cleef, senior energy economist with ABN AMRO, said. "The people who believe in higher prices are stepping in."
Since peaking in late February, crude has dropped around 20 percent, erasing gains made at the end of last year after OPEC and other countries agreed to cut crude output 1.8 million barrels per day (bpd) for the first six months of 2017.