Brent crude fell to a five-year low of $58.50 earlier this week, but the benchmark was up 5.2% to $62.35 at 3:41 p.m. WTI Crude was up 4.45% to $56.52.
Oil prices have plummeted nearly 50% since the summer amid a global oversupply. Oil producers are continuing to increase production despite the supply glut and weakening demand, and OPEC decided to maintain its production levels at a meeting last month.
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More than 6.8 million shares had changed hands as of 3:41 p.m., compared to the daily average volume of 7,195,610.
Separately, TheStreet Ratings team rates MAGNUM HUNTER RESOURCES CORP as a "sell" with a ratings score of D+. TheStreet Ratings Team has this to say about their recommendation:
"We rate MAGNUM HUNTER RESOURCES CORP (MHR) a SELL. This is driven by some concerns, which we believe should have a greater impact than any strengths, and could make it more difficult for investors to achieve positive results compared to most of the stocks we cover. The company's weaknesses can be seen in multiple areas, such as its generally high debt management risk, disappointing return on equity, weak operating cash flow, poor profit margins and generally disappointing historical performance in the stock itself."