U.S. West Texas Intermediate crude ended the session up 68 cents a barrel, or 1%, at $68.76/Bbl, after earlier falling towards Tuesday's one-month low of $67.03/Bbl, Kallanish Energy reports.
Brent for September settlement traded at $72.77 a barrel on the London-based ICE Futures Europe exchange, down 13c.
Figures showing refineries processing plenty of crude and stockpiles dropping at the Cushing, Oklahoma, delivery hub also supported the market, said John Kilduff, founding partner at energy hedge fund Again Capital.
But in the run-up to such an important election, will Trump accept the risk of a rise in oil prices because of a halt to Iran's crude exports?
"With Russia quick to offer the President a supply olive branch and Saudi Arabia mainly in his back pocket when it comes to increasing their supply, its challenging to see (the) gasoline numbers turning the bearish market's tide", he said.
Weekly shifts in the USA crude stocks are being increasingly influenced by worldwide trade and this was certainly the case with this week's data, Jim Ritterbusch, president of Ritterbusch and Associates said in a note.
The commodity has fallen this month in wake of escalating US-China trade tensions and mounting concerns about renewed oversupply. -China trade war stoked fears about the strength of demand.
Futures rose as much as 2.1% in NY on Thursday, reversing early-morning losses.
China moves WTO to take on United States tariff on $200 bn goods
Adam Austen wrote in an email that it's "a measured, perfectly reciprocal, dollar-for-dollar response to the US tariffs". A Commerce Ministry spokesman said last week Beijing hoped they would lobby Washington to protect their own interests.
By 2030, around 6 million bpd of oil supply-mostly yet-to-find, contingent resources and fringe plays in the US -is expected to break even above $70 per barrel.
The impact of US sanctions on Iran's oil shipments, which remains highly uncertain, will play a big part in determining the final outcome.
"The handful of comments from the Saudis" boosted prices, said Bob Yawger, director of futures at Mizuho Securities USA Inc.in NY.
OPEC had announced it would add 1 million bpd of crude to the market. U.S. Administration is actively considering releasing part of the 660-million-barrel SPR, with options ranging from a test sale of 5 million barrels to a release of as much as 30 million barrels, and even higher if coordinated with other countries. USA crude prices had reached a session high of $70.17 earlier in the session before paring gains.
According to the statement on Thursday from the Energy Ministry, which cited Saudi Arabia's liaison to OPEC Adeeb Al-Aama, exports for this month as a whole will be in line with June's levels, and will decline by 100,000 barrels a day in August.
A sudden change in sentiment has hit the global oil market, with prices now down more than 10% from a lofty peak of $80 per barrel in May.