Oil shook off some of the fears as the dollar weakened and global equities rebounded from a rout.
Oil futures rose 0.5 percent after gaining 2.4 percent on Wednesday.
No Love for Oil as Technicals Point to Oversold Commodity: Chart
Oil held declines below $60 a barrel as industry data showed that U.S. crude and gasoline inventories expanded.
The prospect of a U.S. shale resurgence is keeping oil from being fully swept up.
Oil Technical Analysis Signals Potential Further Price Retreat
Oil Bulls Run Scared in Global Volatility as U.S. Rivals Saudis
While oil is rebounding from its biggest weekly decline in two years, U.S. shale still looms over the market
Oil headed for its worst week in almost a year as global risk-asset rout trouble investors.
Oil held losses below $62 a barrel after U.S. crude production surged to a record.
Oil slid to the lowest in four weeks after U.S. crude stockpiles increased.
U.S. Crude Output to Jump Above 11M B/D Sooner Than Expected
Oil Bleeds With Energy Stocks on Global Flight From Risk Assets
Brent crude traded near $70 a barrel.
United States Oil Fund's Returns on Fire as Backwardation Booms
Oil shook off some of the pessimism that struck the market in the past few days to post its best gain in a week.
U.S. oil production surged above 10 million barrels a day for the first time in four decades.
Fear Over Oil Correction Blemishes Crude's Best Rally Since 2011
Oil Loses Steam on Threat of Inventory Growth and Dollar's Gain
The enthusiasm in the oil markets is breaking records.
Weaker Dollar Drives Oil's Advance After Crude Hits 3-Year High