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Brent crude climbed 40 cents to $48.15 a barrel by 0943 GMT,
after ending the previous session down $1.33.
U.S. West Texas Intermediate (WTI) crude rose 48 cents to $44.96
a barrel, having slumped $1.88 on Wednesday.
"It seems like there's some technical stabilization at the $48
level after the steep sell-off," said Bjarne Schieldrop, head of
commodities research at SEB in Oslo.
Crude prices fell sharply on Wednesday on data from the Energy
Information Administration (EIA) that showed a
bigger-than-expected rise in gasoline stockpiles in the United
States.
Higher inventories and sluggish demand make many analysts think
the long-term outlook for crude will remain downbeat.
"Long-dated contracts are ticking lower and that will push
prompt prices lower to ensure there is still a contango,"
Schieldrop said.
Contango is a market structure in which prices are higher at
later dates than for prompt delivery, making it profitable to
store oil.
The EIA data showed gasoline stocks rose by 1.4 million barrels
last week, compared with analyst expectations in a Reuters poll
for an 819,000-barrel gain.
The build in motor fuel in the world's largest oil consumer
after the end of its summer driving season raised new concerns
about high product stocks during autumn months.
Longer-term, many analysts see a continuing supply surplus
weighing on the market.
"Despite early signs of a cutback in U.S. shale production, the
underlying supply and demand fundamentals remain weak for both
Brent and WTI," said BMI Research, part of the Fitch ratings
agency.
"This, alongside uncertainties surrounding China and the broader
health of the global economy, is capping any recovery in
prices."
(Reporting by Simon Falush; Editing by Dale Hudson)
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