Crude futures tanked early in the day after EIA data stated there had been a 4.7 million barrel build last week in U.S. crude inventories but firmed heavily by the end of the trading day.
U.S. stocks rose significantly and this helped pull crude prices out of the doldrums.
Brent contracts for October delivery witnessed intraday lows of $47.00 per barrel but settled well over $50.00.
WTI contracts also swayed into the green witnessing intraday lows of $43.00 per barrel but closed over $46.00 per barrel.
Bunkers were soft in the primary ports early on but then firmed as crude futures spiked.
