December Brent crude futures LCOc1 were last up 42 cents at $50.61 a barrel by 0913 GMT, off a session low of $49.74, while U.S. crude futures CLc1 rose 37 cents to $48.61 a barrel, above the day's low at $47.78.

U.S. Rig Count is down 287 rigs from last year's count of 809, with oil rigs down 189, gas rigs down 99, and miscellaneous rigs up 1. Canadian Rig Count is down 17 rigs from last year's count of 179, with oil rigs up 14, and gas rigs down 31.

Demand for land rigs will rise 29 percent next year to 579, the S&P Global Platts unit said in a report released at the Benposium East conference in New York on Wednesday. Platts RigData forecasts average West Texas Intermediate crude prices to climb 23 percent to $52.18 a barrel in 2017. The Henry Hub natural gas benchmark is seen increasing 26 percent to $3.05 per million British thermal units.

The November contract for global crude benchmark Brent was up 0.78% at $46.33 while its U.S. counterpart West Texas Intermediate gained 0.58% to hit $44.94.

U.S. West Texas Intermediate (WTI) crude had fallen 38 cents to $45.55 a barrel by 0103 GMT, after rising $1.45, or 3.3 percent, in the previous session. Brent crude futures slipped 43 cents to $46.91 a barrel after closing up $1.46, or 3.2 percent.

Brent crude futures LCOc1 rose 73 cents to $46.62 a barrel by 1052 GMT, having rallied from a session low of $45.74, while U.S. crude prices CLc1 rose 54 cents to $45.02 a barrel.

“We expect global spending in the oil and gas sector will reach its nadir in 2016 , returning to growth in 2017,” Christopher Haines, BMI’s head of oil and gas research, said in the report. “For now, we see stronger growth in capital expenditure in 2018 , as better forecast oil prices are building confidence behind spending outlooks.”

An analysis by the U.S. Chamber of Commerce found that the natural gas revolution generated more than 4.3 million jobs and injected nearly half a trillion dollars into the economy. It also determined that all those jobs would have been lost had the so-called “Keep it in the Ground” movement succeeded in suffocating the oil revolution.

U.S. Rig Count is down 327 rigs from last year's count of 838, with oil rigs down 223, gas rigs down 105, and miscellaneous rigs up 1. Canadian Rig Count is down 38 rigs from last year's count of 176, with oil rigs up 11, gas rigs down 49, and miscellaneous rigs unchanged at 0.

U.S. West Texas Intermediate (WTI) crude oil futures CLc1 were trading at $45.81 per barrel at 0301 GMT (11:01 p.m. EDT), up 47 cents, or 1 percent, from their previous close. The contract had already gained as much as 3 percent the day before. International benchmark Brent crude futures LCOc1 were also up, gaining 48 cents, or 1 percent, from their last close to $47.31 per barrel.

U.S. West Texas Intermediate (WTI) crude oil futures CLc1 were trading at $45.81 per barrel at 0301 GMT (11:01 p.m. EDT), up 47 cents, or 1 percent, from their previous close. The contract had already gained as much as 3 percent the day before. International benchmark Brent crude futures LCOc1 were also up, gaining 48 cents, or 1 percent, from their last close to $47.31 per barrel.

The cost of importing LNG has dropped sharply this year after New Delhi signed a revised long term contract with Doha. Qatar is the largest supplier of LNG to India. Given the backdrop of low global LNG prices, Petronet LNG insisted on renegotiating its long term contract with RasGas.

U.S. West Texas Intermediate (WTI) crude futures were up 1.8 percent, or 81 cents, at $44.86 a barrel at 0403 GMT. The October contract expired yesterday at $43.44 a barrel and the front-month has now rolled over to November delivery. International Brent crude futures were at $46.47 per barrel, up 59 cents, or 1.3 percent, from their last close.

Preliminary production figures for August 2016 show an average daily production of 1 929 000 barrels of oil, NGL and condensate, which is a decrease of 202 000 barrels per day (approx. 9.5 percent) compared to July.

Petróleo Brasileiro SA, as Petrobras is formally known, pledged up to $74.1 billion in capital spending for the 2017-2021 period compared with a $98.4 billion target in the prior four-year 2015-2019 plan, according to a securities filing.