Crude oil futures snapped their three days losing streak on Thursday, as traders bet recent losses were overdone considering the significant drop in US inventories. Traders mulled over data showing U.S. crude supplies fell the most in eleven-months while U.S. production rose to a more than two-year high. Traders appeared to take advantage of lower crude prices, following a slump on Wednesday, after a report from the Energy Information Administration showed US production hit two-year highs. The uptick in US production, however, adds to concerns that the global glut in crude supplies will continue during the second half of the year.

Benchmark crude oil futures for September delivery ended up by $0.31 or 0.6 percent to $47.09 on the New York Mercantile Exchange. In London, Brent crude for September delivery ended higher by $0.64 at $50.91 a barrel on the ICE.

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