Investing.com – Oil Thursday recovered from five-week lows after a militant attack on an oil pipeline in Nigeria threatened supply.
U.S. crude was up 37 cents, or 0.82%, at $45.71 at 06:45 ET, while Brent crude added 0.85% to $47.26.
Oil fell 3% overnight as official data showed a huge jump of over 14 million barrels in U.S. crude stocks.
That was the largest weekly increase since the Energy Information Administration (EIA) started compiling data in 1982.
Dealers said the rebound also partly reflected strong technical support for Brent at the $46.50 level.
The market was also supported by a weaker dollar ahead of the U.S. presidential election on November 8.
A weaker dollar underpins demand by lowering the cost of imported oil.