West Texas Intermediate futures for February delivery rebounded to $33.97 (+2.10%), while Brent crude rose to $34.37 (+1.84%) on stabilization in Chinese stock markets. Investors panicked after the People's Bank of China set the exchange rate of the national currency lower; however today the PBOC set the midpoint rate of the yuan higher. In the previous session crude prices fell to 12-year lows and today's gains were limited by persistent supply glut.

Chinese stocks rose today, but this week's turmoil intensified concerns over health of the economy of the second-biggest oil consumer and potential demand growth.