Commerzbank's Weinberg said investors were still concerned about Iran's nuclear plans but its "scare factor" had waned: "These risk factors are now priced in. The longer people talk about risks to Hormuz, the less impact it is having."
U.S. oil inventory data was also supportive.
An American Petroleum Institute (API) report late on Wednesday showed U.S. crude oil stocks fell by 4.8 million barrels in the week to Jan. 13, contrary to analysts' expectations of a 2.8-million-barrel build.
Imports fell by 1.6 million barrels per day (bpd) to 7.89 million bpd, the API said, while gasoline inventories rose more than expected, up 4.3 million barrels, compared with forecasts for a 2.6-million-barrel increase.
Technically, crude markets are looking slightly overbought, chart analysts say, and the next move may be lower.
Brent is expected to fall to $109.41 per barrel, while U.S. crude oil is expected to fall to $99.48 per barrel as a rebound from the Jan. 13 low of $97.70 has been completed, according to Reuters market analyst Wang Tao.
(Additional reporting by Manash Goswami in Singapore; Editing by Anthony Barker)