Crude prices hovered just above $62 today, supported by falls in refined oil product stocks in the United States, but also pressured by concerns about weakness in world stock markets.
US crude was up 21 cents at $62 a barrel, after ending 33 cents higher yesterday. London Brent crude was up 38 cents at $62.26.
Oil prices have been volatile since a nearly 9 percent drop on China's main stock market on Tuesday, the steepest fall for a decade, which triggered big falls in US and European markets.
Stock markets in the United States and Europe recovered some stability yesterday, but weakened again today because of worries about the global economic outlook.
Analysts predicted oil and other commodities could continue to be influenced by volatile stock markets in the coming days.
Crude prices bounded higher yesterday in response to US data that showed unexpectedly large draws in inventories of distillates, including heating oil, which fell 3.8 million barrels, while gasoline slid 1.9 million barrels.
Analysts said the fall in oil product stocks offset concerns about a slowdown in US growth after weak economic data yesterday.
The stock data, published by the US Energy Information Administration, helped to push the price of gasoline, increasingly in focus ahead of the summer US driving season, above key technical levels.