Oil prices rose as global markets steadied on Thursday, recouping some of the previous day's 2 percent slide, though a weakening outlook for crude demand kept prices in check.
The oil market had felt the effects on Wednesday of a large build in U.S. inventories that added to concern over the outlook for fuel demand. Crude was also swept lower by broader selling of industrial commodities such as copper.
"There's still an overhang from the report yesterday," said John Kilduff, a partner at Again Capital Management in New York. Surging imports that boosted inventories despite high refinery run rates weighed on the market, he said.