Crude futures settled higher Thursday, with the ICE April Brent contract bouncing off Wednesday's 2013 lows to expire 90 cents higher at $109.42/barrel.
The May contract settled up 72 cents at $108.96/b.
NYMEX April crude closed US trading up 51 cents at $93.03/b after breaking out of a narrow, $92.15-92.95/b trading range immediately ahead of the 2:30 p.m. EST (1830 GMT) settle.
Analysts said that both contracts had found support as global equities markets turned positive during overnight trading Thursday on more favorable European market sentiment.
"European shares are higher on expectations that EU leaders may extend deadlines for troubled member countries to shrink their budget deficits," Tradition Energy analyst Addison Armstrong said in a note.
The DAX closed up 1.07%, while the CAC 40 saw a 0.91% increase and the FTSE 100 rose by 0.75%.
The Dow Jones Industrial Average climbed for the 10th consecutive trading day on Thursday, up 0.37% at 14,509.2 at the NYMEX market settle. The last 10-day, uninterrupted streak of gains for the index was late in 1996.
Similarly, the Standard & Poor's 500 was 0.36% higher at 1,560.06 at 2:30 p.m. EDT, closing in on previous record highs seen in October 2007.
US unemployment claims slid during the week ended March 9, the Bureau of Labor Statistics said Thursday. Initial unemployment claims fell to 332,000, down 10,000 from the week previous, while continuing jobless claims dipped to 3.024 million.
"This is a bit of a pausing point, where the market is taking a breather before deciding where it goes next," Schneider Electric commodities analyst Jacob Correll said, adding that market sentiment was slightly more bullish after last week's selloff.
The US dollar index, which climbed to a fresh seven-month high of 83.166 during overnight trade, was down 0.42% at 82.541 at 2:30 p.m. EDT
The differential between the two April crude contracts closed at $16.39/b Thursday after rebounding slightly from a seven-week low of $15.79/b in overnight trade.
NYMEX April RBOB settled 10 points lower at $3.1413/gal, after hovering between $3.1182-3.1532/gal during US floor trade. While volatility across the RBOB complex was less severe than in recent days, analysts said continued market uncertainty over the price of ethanol Renewable Identification Numbers is prompting increased movement in the RBOB contract.
"The gyrations in the RBOB market continue to be related to what is being termed 'RINsanity'," Mike Fitzpatrick of the Kilduff Report said in a note. "This, of course, refers to the sudden realization that too much ethanol is being mandated for use in the coming years, and that US refiners will [have] no choice but to buy their way out of the problem by purchasing RIN credits."
NYMEX April heating oil settled 53 points higher at $2.9295/gal, while ICE April gasoil was $1.25 lower at $911.25/mt at the NYMEX settle.
