Light, sweet crude for October delivery settled up 56 cents, or 1.2%, to $47.33 a barrel on the New York Mercantile Exchange, its ninth winning session in the past 11. Brent, the global benchmark, gained 62 cents, or 1.3%, to $49.67 a barrel.

The sector, which accounts for 20 percent of the Nordic country's economy, has been slashing jobs, costs and projects to cope with a 60 percent fall in oil prices since June 2014.

China National Offshore Oil Corp. Ltd. posted a net loss of ¥7.74 billion for the first 6 months of 2016 against a profit of ¥14.73 billion a year earlier.

International benchmark Brent crude oil futures LCOc1 were trading down 10 cents at $48.85 per barrel at 0709 GMT, having closed down 1.8 percent the previous day. U.S. West Texas Intermediate (WTI) crude futures were at $46.73 a barrel, down 4 cents, after dropping 2.8 percent on Wednesday.

U.S. production is a clear factor in lower global crude prices, which has translated into lower energy costs for individual Americans and families. Year-over-year U.S. gasoline prices have declined by almost 50 cents per gallon, due in large part to the decline in the price of crude oil.

"We have held conversations on strengthening our position in oil markets," Iran's Foreign Minister Mohammad Javad Zarif said through an interpreter after a meeting with Ecuador's President Rafael Correa. Zarif added that the two countries have agreed to continue talks within the framework of OPEC, without providing further details. Ecuador Foreign Minister Guillaume Long said they discussed establishing a common position with regards to strengthening oil prices.

Exxon Mobil Corp.Royal Dutch Shell PLC, BP PLC and Chevron Corp. hold a combined net debt of $184 billion -- more than double their debt levels in 2014, when oil prices began a steep descent that eventually bottomed out at $27 a barrel earlier this year. Crude prices have rebounded since, but still hover near $50 a barrel.

It suggests that crude oil could be entering a more stable trading range of $50-$70/barrel rather than falling back below $50 again for a significant period.

Iraq, which depends on oil sales for 95 percent of its public spending, appears set to continue boosting production, which currently stands at around 4.6 million barrels per day.

Iran sent a letter to members of the Organization of the Petroleum Exporting Countries saying it would attend the group’s informal talks in Algeria in September, OPEC delegates told The Wall Street Journal. An Iranian oil-ministry press official couldn’t confirm the letter had been sent late Tuesday.