Crude oil futures rebounded from the previous session's steep decline on Thursday, as geopolitical developments in Libya raised concern oil production in the country will be disrupted.
On the New York Mercantile Exchange, light sweet crude futures for delivery in November traded at USD102.16 a barrel during European morning trade, up 0.55%.
New York-traded oil futures held in a range between USD101.32 a barrel, the daily low and a session high USD102.27 a barrel.
The November contract ended 1.82% lower at USD101.61 a barrel on Wednesday, after official data showed that U.S. oil inventories climbed by a larger-than-expected 6.8 million barrels last week and as the dollar strengthened.
Oil futures were likely to find support at USD101.07 a barrel, the low from October 1 and resistance at USD104.06 a barrel, the high from October 8.
According to Libyan state television, a group of former rebels aligned with the country's interior ministry detained Prime Minister Ali Zaidan from a hotel in Tripoli earlier Wednesday and took him to an unknown location.
The news fuelled concerns over a disruption to supplies from the North African country.
Libya is Africa's biggest holder of crude oil reserves. Countries in the Middle East and North Africa were responsible for 36% of global oil production and held 52% of proved reserves in 2012.Meanwhile, investors continued to monitor negotiations over a U.S. budget impasse that has kept the federal government shut down since October 1.
Later Thursday, House Republican leaders were to hold their first meeting with President Obama since the shutdown began.
President Obama has demanded Republicans raise the borrowing limit and reopen the government before negotiations on future fiscal policy can take place. The U.S. risks a sovereign debt default if the government borrowing limit is not raised by 17 October.  
Technical Levels

	SUPPORT 1	SUPPORT 2	RESISTANCE 1	RESISTANCE 2
GOLD	1295	1283	1318	1330
SILVER	21.62	21.35	22.28	22.67
COPPER	3.2011	3.1713	3.2796	3.3283
CRUDE	100.61	99.61	103.18	104.70

The Gold Silver ratio spiked higher today to 59.71. We have been bearish the ratio since the key reversal at 62.14 on October 1. The ratio held the 61.8% Fibo of our 57.12 to 62.14 up move at 59.04. We see 59.04 as key pivot for a 100% move to 57.12. Only a close back above 60.22 would shift our view neutral.

TIME	DATA	PRV	EXP	IMPACT
6.00 P.M	Unemployment Claims	308K	307K	STRONG
7.15 P.M	FOMC Member Bullard Speaks	5.5M	0.9M	MEDIUM
8.00 P.M	Natural Gas Storage	101B	96B	LOW
10.31 P.M	30-y Bond Auction	3.82	2.4	LOW

Source	Department of Labor (latest release)
Measures	The number of individuals who filed for unemployment insurance for the first time during the past week;
Usual Effect	Actual < Forecast = Good for currency;
Frequency	Released weekly, 5 days after the week ends;
Next Release	Oct 17, 2013
FF Notes	This is the nation's earliest economic data. The market impact fluctuates from week to week - there tends to be more focus on the release when traders need to diagnose recent developments, or when the reading is at extremes;
Why Traders Care	Although it's generally viewed as a lagging indicator, the number of unemployed people is an important signal of overall economic health because consumer spending is highly correlated with labor-market conditions;
Also Called	Jobless Claims, Initial Claims;

Description	Due to deliver opening remarks at the Federal Reserve Bank's Annual Research Conference, in St Louis. Audience questions expected;
Source	Federal Reserve Bank of St. Louis (latest release)
Speaker	Federal Reserve Bank of St. Louis President James Bullard;
Usual Effect	More hawkish than expected = Good for currency;
FF Notes	FOMC voting member 2010 and 2013;
Why Traders Care	Federal Reserve FOMC members vote on where to set the nation's key interest rates and their public engagements are often used to drop subtle clues regarding future monetary policy;
Acro Expand	Federal Open Market Committee (FOMC);
Description	Due to deliver opening remarks at the Federal Reserve Bank's Annual Research Conference, in St Louis. Audience questions expected;
Source	Federal Reserve Bank of St. Louis (latest release)

Source	Energy Information Administration (latest release)
Measures	Change in the number of cubic feet of natural gas held in underground storage during the past week;
Usual Effect	No consistent effect - there are both inflationary and growth implications;
Frequency	Released weekly, 5 days after the week ends;
Next Release	Oct 17, 2013
FF Notes	While this is a US indicator, it most affects the loonie due to Canada's sizable energy sector;
Also Called	Nat Gas Stocks, Nat Gas Inventories, Working Gas;
Acro Expand	Energy Information Administration (EIA);