Investing.com - Crude oil futures were little changed on Friday, after surging over 10% on Thursday as improved stability on Asian markets helped boost global risk appetite.
On the New York Mercantile Exchange, crude oil for October delivery hit $42.55 during European early afternoon hours, steady for the day. A day earlier, Nymex oil prices gained $3.96, or 10.26%, to end at $42.56.
Oil prices strengthened as concerns over volatility in Asian markets continued to subside. Shares in Shanghai opened higher on Friday, after closing over 5% the day before.
Oil futures had tumbled to six-and-a-half year lows earlier in the week, as steep declines on China's stock market and growing concerns over the health of the Asian nation's economy weighed.
The turmoil in markets began when China unexpectedly devalued the yuan earlier this month, sparking fears that the economy may be slowing at a faster than expected rate.
Elsewhere, on the ICE Futures Exchange in London, Brent oil for October delivery lost 23 cents, or 0.52%, to trade at $47.33 a barrel. On Thursday, London-traded Brent futures rallied by $4.42, or 10.25%, to settle at $47.56.
The spread between the Brent and the WTI crude contracts stood at $4.78 a barrel.