Short-term, the market is getting a boost from USA sanctions on Venezuelan oil exports.
Citgo, the eighth-largest US refiner and Venezuela's top foreign asset, is in the middle of a tug of war as the Trump administration has made aggressive moves to remove it from Maduro's control.
US sanctions on Venezuela have been viewed as supportive for prices by helping tighten global supplies.
International Brent crude oil futures were at $62.05 per barrel, up 7 cents, after closing down 0.8 percent in the previous session.
The oil price also came under pressure as weekly data published by the U.S. Energy Information Administration on Wednesday showed an unwelcome increase in stocks of crude oil. Stocks gained by 1.3 million barrels in the week ended February 1, compared with analysts' expectations for an increase of 2.2 million barrels. The month was Brent crude's best month since April 2016.
Earlier on Thursday, Total said that its 2018 oil and gas production hit a record high, growing by more than 8 percent from 2017 to reach 2.8 million barrels of oil equivalent per day (boepd), thanks to the start-ups of Ichthys LNG in Australia, Yamal LNG in Russian Federation, and deepwater projects Kaombo North in Angola and Egina in Nigeria.
"The fact that US crude oil and gasoline stocks rose more sharply than expected, as reported by the API after the close of trading yesterday, is weighing on prices", said Carsten Fritsch, an analyst at Commerzbank.
The fund would receive income accrued by state-run oil firm PDVSA's U.S. unit Citgo Petroleum Corp since last month, when U.S. President Donald Trump recognized opposition leader Juan Guaido as Venezuela's legitimate head of state, Carlos Paparoni said in an interview.
OPIS Global Head of Energy analysis Tom Kloza on the outlook for oil prices.
TransCanada Corp.'s Keystone pipeline and Enbridge Inc.'s Platte pipeline were shut Wednesday to investigate a possible oil spill in Missouri.
The European Union is considering imposing more sanctions on the government of Venezuelan President Nicolas Maduro but has not discussed an oil embargo, Malta's foreign minister said on Monday. Both lines carry Canadian crude to the U.S.