A reported decrease in U.S. unemployment claims
U.S. crude rebounded after falling below $90 for the first time since April last year as traders focused on data showing a sharp drop in stocks at the Cushing, Oklahoma, pricing hub as well as a reported decrease in U.S. unemployment claims.
Brent crude for November delivery also ended well off the day's low, settling 74 cents lower at $93.42. It earlier sank to $91.55, its lowest since June 2012.
U.S. November crude settled up 28 cents at $91.01 per barrel, after earlier sinking to $88.18, its lowest intraday level since April 2013. The turnaround came after industry group Genscape reported a 1.7 million-barrel drop in Cushing stockpiles over the four days since Sept. 26.
"The snap back in U.S. prices suggests that we are getting close to a bottom," said Gene McGillian, analyst at Tradition Energy in Stamford, Connecticut. "Whether we see more lows will be the real question."
Prices have tumbled since June as supply from key producing regions, including the United States and Middle East, remained strong and economic data from Europe and Asia hinted at weak demand.