WTI Crude received a pummelling on Tuesday with prices sinking below $49.50 after reports displayed an inflated rise in U.S inventories which revived concerns over the excessive oversupply in the markets.
Stock markets were erratic on Thursday with most major arenas violently swinging between losses and gains as the messy combination of depressed oil prices, a resurgent U.S. Dollar and rising European Central Bank stimulus hopes kept investors on edge.
The euro was trading just above a three-month low against the dollar on Thursday, with the focus on whether European Central Bank President Mario Draghi will indicate that the bank is poised to taper its bond purchase program.
Oil prices fell on Thursday on profit-taking, after markets rallied the previous day on another unseasonal draw in U.S. crude oil stocks helping bullish sentiment from an expectation of an OPEC-led cut in production.
Stock markets inched higher but the Mexican peso was mixed after the third and final U.S. presidential debate, which was judged to have given no clear boost to Donald Trump's hopes of winning the White House.
The European Central Bank kept interest rates on hold at historic lows on Thursday and its president said the Bank was committed to pursuing substantial asset purchases aimed at spurring growth and inflation.