Brent crude rose 94 cents to $45.90 a barrel by 0913 GMT while U.S. West Texas Intermediate crude gained 76 cents to $43.18 a barrel. Both benchmarks jumped 5pc last week.
Sentiment was also bolstered by hopes that the Organization of the Petroleum Exporting Countries (OPEC), Russia and other producers, a group known as OPEC+, will keep crude output in check.
Brent crude futures for January rose 16 cents, or 0.4%, to $43.98 a barrel by 0104 GMT and U.S. West Texas Intermediate crude for December added 13 cents, or 0.3%, to $41.47 a barrel.
Figures showing a rebound in the world’s second and third largest economies, China and Japan, also supported prices, along with data that Chinese refineries processed the most crude ever in October on a daily basis.
U.S. West Texas Intermediate (WTI) crude futures fell 40 cents, or 1%, to $38.75 a barrel at 0141 GMT, while Brent crude futures dropped 41 cents, or 1%, to $40.82 a barrel. Both contracts had jumped around 4% on Wednesday.
Crude inventories fell by 8 million barrels in the week to Oct. 30 to about 487 million barrels, compared with analysts’ expectations in a Reuters poll for a build of 890,000 barrels.
U.S. West Texas Intermediate (WTI) crude futures slipped 6 cents, or 0.2%, to $36.75 a barrel at 0159 GMT, while Brent crude futures fell 15 cents, or 0.4%, to $38.82.