Brent crude extended gains on Thursday to hold above $51 a barrel, after an unexpected fall in US crude stocks snapped a 4-session decline the previous day.
Data showing the US economy remained resilient amid slowing global growth helped bolster oil, which was also supported by Chinese crude imports likely hitting a record high in December. Brent crude marked an intraday high of $51.91 a barrel and was at $51.30 by 0543 GMT, up 15 cents. US crude had risen 25 cents to $48.90 after touching a peak of $49.65.
But pressure on prices that have plunged more than half since June highs remains strong, with key producers such as OPEC and Russia showing no signs of cutting output despite a supply glut and as major economies in Europe and Asia struggle with slowing growth.
“Sentiment towards the oil market remains negative but the lack of downward momentum in overnight trading has left bears a little nonplussed,” said Michael McCarthy, chief market strategist at CMC Markets in Sydney.