Brent oil futures broke above $44/ barrel and West Texas Intermediate futures gained 0.60% to trade at $41.59/barrel
Brent oil futures gained 2.71% to $40.53 and West Texas Intermediate futures soared higher by 2.91% to trade $38.22.
Brent oil futures prices lost 0.2 to trade at $42.35 and West Texas Intermediate (WTI ) fell 0.27% to trade at $40.09.
Oil futures fell precipitously on Wednesday amid mounting fears of oil demand recovery.
In Thursday's trading session, Crude oil prices fell
Both oil benchmarks dropped below the $40.
Saudi's made the biggest price cuts on its crude grades since May as demand recovery for fuel hopes faded.
The statement crushed the hopes of many investors who had been expectant as a result of previous gains.
Brent oil futures fell in an attempt to pull back some of its losses of about 8%.