Benchmark Brent crude futures rebounded on Thursday. The January Brent crude oil futures contract in after-hours trading at 15:30 Tokyo time was at $63.63 per barrel (bbl), up 12cts from the closing price in the overseas market on Wednesday. The January WTI contract in overnight NYMEX ACCESS trade was $59.37 per bbl, up 12cts from the closing price on Wednesday. Meanwhile, in the Dubai OTC market, the January cash Dubai price was at $64.12 per bbl, down $1.11 from the previous day at 15:30.　

Crude futures lured short-covering in response to heavy selling on the previous day. In addition, the Nikkei Stock Average extended gains, stimulating buying in similar risk assets such as crude futures. The earning result of US leading chip maker Nvidia released on Wednesday was better than expected, so that a risk-on mood prevailed.

Regarding the market outlook, "Trade is likely to be directionless," said energy trader at a large commodity broker. Trade was mixed with selling reflecting concerns about global oversupply and supply fears for Russian crude oil. The US government on Wednesday reportedly demanded Ukraine's president Zelensky to cede some territory to Russia. Talks to achieve a ceasefire resumed, but "It may be hard for Ukraine to accept the proposal, and discussions would go through difficulties," said the trader.