Oil prices remain stable on Friday after bouncing back from six-and-a-half-year lows on rising equity markets, in addition to strong economic growth in the US.
Brent dropped 15 cents to $47.41 a barrel, while US crude remained unchanged at $42.56 a barrel, Reuters reported.
As North Sea Brent and US light crude increased by over 10%, oil witnessed its biggest one-day bounce since 2009 on Thursday.
Since May, oil markets worldwide slipped by a third and are still under half their value a year ago due to huge supply glut of fuel as well as sluggish demand.
According to analysts, oil markets fell fast, with expectations on rebound.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below formBy GlobalData
ANZ analysts told the news agency: "A short-covering rally, led by crude oil, pushed commodities higher across the board."
During the second quarter, the US economy grew faster than expected due to strong domestic demand.
The Wall Street Journal reported that Venezuela is in discussions with other Organization of the Petroleum Exporting Countries (OPEC) members, and is pushing for an emergency meeting with Russia to emerge with a new plan to increase prices.