West Texas Intermediate oil rebounded after sliding below $55 for the first time in more than five years in New York trading.
WTI for January delivery gained 83 cents, or 1.5%, to $56.74 a barrel on the New York Mercantile Exchange.
Futures earlier touched $53.60, the lowest since May 2009.
Brent for January settlement, which expires today, pared losses after plunging through $60 a barrel for the first time since July 2009.
The contract was last down 0.6% at $60.70.