International Brent crude futures were trading up 4 cents at $53.04 a barrel at 0345 GMT after closing the previous session down 93 cents. 

U.S. benchmark West Texas Intermediate crude oil prices gained 14 cents to $49.90 a barrel after ending down $1.16.

Crude oil inventories in the United States dropped 2.4 million barrels in the week that ended on Dec. 2, compared with analyst expectations for a draw of 1 million barrels.

                       But stocks at the Cushing, Oklahoma, delivery hub for U.S. crude futures, increased by a hefty 3.8 million barrels last week, the most since 2009, according to data from the U.S. Energy Information Administration on Wednesday. 

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"Oil prices are being supported by a raft of factors including underlying strength in the U.S. economy shown in better than expected factory and nonfarm payroll data and Chinese regulators' attempts to cut excess supply in steel and other industries," said Michael McCarthy, chief market strategist at Sydney's CMC Markets.