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Oil prices rallied amid a share market rebound and undermined by a report that U.S. crude stockpiles declined last week, but analysts cautioned that surging U.S. production and a seasonal demand crop could soon affect crude.
Brent crude futures stood at $67.44 per barrel, up 58 cents or 0.9 percent, from the prior close. U.S. WTI crude futures traded at $64.04 per barrel, 65 cents or 0.1 percent higher from their last settlement.
The higher oil futures came after stock markets retraced some of their steep losses of prior days.
The market was undermined by a report by the API stating that U.S. crude inventories declined by 1.1 million barrels in the week to February 2 to 418.4 million barrels, according to traders.
OPEC along with other producers have been limiting supplies since the previous year in order to tighten supplies and shore up prices. The cuts are slated to last through 2018.
While some analysts say the rebalancing of global inventory markets has been achieved, others cautioned about the risk of lower oil prices, both from financial markets and due to weaker seasonal demand.
