Oil gained in New York amid volatility in global markets and uncertainty about the U.K. referendum on European Union membership.
Futures rose as much as 1.6 percent after declining 1.4 percent Wednesday. A vote to determine the U.K.’s membership in the European Union will take place Thursday with the latest two polls showing a narrow lead for “leave.”
West Texas Intermediate advanced as much as 77 cents to $49.90 a barrel on the New York Mercantile Exchange and traded at $49.36 at 8:26 a.m. Sydney time. WTI dropped by 72 cents to settle at $49.13 on Wednesday, falling a second day, after U.S. government data showed crude stockpiles dropped less than expected last week.
Brent for August settlement dropped 74 cents, or 1.5 percent, to end the session Wednesday at $49.88 a barrel on the London-based ICE Futures Europe exchange.