(Reuters) - Oil held above $51 a barrel on Thursday, supported by a surprise drop in U.S. inventories, as bulls and bears searched for a floor to the market's second-biggest rout.
Crude halted a four-session decline on Wednesday after U.S. crude stockpiles fell and as data showed that the U.S. economy remained resilient amid slowing global growth.
Brent crude LCOc1 rose 12 cents to $51.27 by 0950 ET. It dropped as low as $49.66 on Wednesday, the lowest since April 29, 2009. U.S. crude CLc1 was at $48.84, up 19 cents.
"This is just a technical rebound after the massive drop in previous days," said Carsten Fritsch, analyst at Commerzbank, adding the rout may not have bottomed out. "I don't think we are there yet, given the fundamental backdrop."
Crude halted a four-session decline on Wednesday after U.S. crude stockpiles fell and as data showed that the U.S. economy remained resilient amid slowing global growth.
Brent crude LCOc1 rose 12 cents to $51.27 by 0950 ET. It dropped as low as $49.66 on Wednesday, the lowest since April 29, 2009. U.S. crude CLc1 was at $48.84, up 19 cents.
"This is just a technical rebound after the massive drop in previous days," said Carsten Fritsch, analyst at Commerzbank, adding the rout may not have bottomed out. "I don't think we are there yet, given the fundamental backdrop."