Brent crude futures were up 33 cents, or 0.5 per cent at $62.07 a barrel by 0812 GMT, after settling down $1.22 per barrel, or nearly 2 per cent on Wednesday. Gasoline and diesel fuel inventories fell, by 4.0 million and 1.6 million barrels, respectively, according to the API.
Oil retreated from a six-week high as investors weigh indications of expanding American crude inventories and mixed signals on the progress of US-China trade talks.
Oil prices declined on Wednesday, pulled down by a larger-than-expected build in US crude stocks and weak euro zone economic figures, after gaining for three sessions on expectations of an easing in US-China trade tensions.More news: A New Scream Movie Is Now In Development
West Texas Intermediate crude futures rose 37 cents, or 0.7 per cent, from their last close to $56.72 a barrel.
U.S. commercial crude oil inventories increased by 7.9 million barrels during the week ending November 1 from the previous week, the U.S. Energy Information Administration said on Wednesday.
"The inventory builds and drops in exports are likely related to the COSCO sanctions", said Stephen Innes, market strategist at AxiTraders, referring to the Chinese tanker firm the USA sanctioned, among others, in late September for alleged involvement in moving crude oil from Iran. "The only saving grace is the drawdown in gasoline supplies that put us below the five-year average, but that's offset by the fact that the distillate inventories - even though they fell - they're not as far below the five-year average as they were a week ago".More news: Essex lorry deaths: 39 victims identified and families informed
Wednesday also saw the type of bad news/good news report that tends to mitigate losses, ie: word that Iran started to inject uranium gas into centrifuges at an underground nuclear facility, thus further violating the nuclear deal between the Islamic republic and world powers.
Last year, US President Donald Trump exited the deal and renewed sanctions on Tehran, slashing Iran's economically vital crude oil sales by more than 80%.
"Accordingly, conditions are ripe for tensions in the region to escalate and for the geopolitical risk premium to strike back with a vengeance".More news: Red Wings swap forwards with Blues, acquire Robby Fabbri
However, Russian Energy Minister Alexander Novak said the current oil price of more than $60 per barrel showed that markets were stable.