On Thursday, oil futures are growing for the second consecutive session, as appetite for growth dependable assets improved after the PBOC reassured the markets with the statement that it is not going to continuously devalue the Yuan.
Earlier, China's Central Bank said in a press conference that there are no grounds for further devaluation, reducing concerns about a full-blown currency war that could destabilize the world economy.
Chinese Yuan opened with a slight decline on Thursday but recuperated the loss, as Beijing politicians began to intervene in the market in an attempt to stabilize the exchange rate.
During European morning trade, on the ICE stock exchange in London, Brent crude for October delivery rose 40 cents, or 0.8%, to $ 50.58 a barrel.
A day earlier, the price for Brent rose 47 cents, or 0.95%, to $ 50.18 after the International Energy Agency said that global oil demand growth in 2015 will be the strongest in the last five years. However, the agency warned that the oversaturation of the global oil market will last until the end of next year.
On Monday, Brent dropped to $ 48.24, the lowest level since March 2009, amid concerns of oversaturation of the global market.
The oil offer in the world market is still ahead of demand due to the boom of the US shale oil and after the adoption last year of OPEC's decision not to cut production.
WTI oil for September delivery on the New York Mercantile Exchange increased by 20 cents, or 0.45%, to $ 43.50 a barrel.
On Wednesday, crude oil on NYMEX has risen by 22 cents, or 0.51%, to close at $ 43.30 after the US Energy Information Administration in its weekly report said that US crude stocks fell 1.7 million barrels for the week ended August 7.
On Tuesday, crude oil futures in New York fell to $ 42.69, the lowest level since March 2009, as concerns about the high level of production in the United States put pressure on prices.
Baker Hughes (NYSE: BHI) reported that the number of drilling rigs in the US rose last week 6 to 670, demonstrating growth the third week in a row.
Meanwhile, today the spread between Brent and WTI oil is $ 7.08 per barrel compared with $ 6.88 at the close of the previous session.