Crude oil futures retraced losses in mid-morning trade in Asia Friday, stabilizing after a sharp overnight fall.
At 10:52 am Singapore time (0252 GMT), December ICE Brent crude futures were up 31 cents/b (0.39%) from Thursday's settle at $80.57/b, while the NYMEX November light sweet crude contract was 24 cents/b (0.34%) higher at $71.21/b.
While bearish supply data earlier in the week led to a slump in prices, analysts said support near the $80/b mark remains for ICE Brent futures in the near term.
"With supply worries now gripping markets after the bearish EIA report, supply-side anguish has slinked into the equation as oil traders remain on the defense," OANDA's head of trading Stephen Innes said. "[But] there should be good support near and around $80 prompt Brent," he added.
Oil futures had settled sharply lower Thursday on the back of continued slides in global equity markets and a larger-than-expected build in US crude stocks data.
Total US commercial crude inventories rose 5.99 million barrels to 409.95 million barrels in the week ended October 5, US Energy Information Administration data showed Thursday.
Analysts surveyed by S&P Global Platts Monday had been expecting a smaller 1.61 million-barrel build.
Bearish pressure had also come from declines in equity markets across the Asia, the Americas and Europe.
"That said, the market rarely moves in one direction continuously and the outlook remains fraught with uncertainty," IG market strategist Pan Jingyi said.
"With both the likes of the Dow and the S&P 500 index in oversold territory, investors are likely finding this a time to return to the market from a technical perspective," Pan added.
Market participants were awaiting OPEC's monthly oil market report due for release later Friday for further cues.
As of 0252 GMT, the US dollar index was down 0.02% at 94.665.
