Brent crude futures settled at US$43.75 a barrel, up 53 United States cents or 1.2 per cent.
Brent crude LCOc1 was up by 24 cents, or 0.6%, at $43.46 a barrel by 0041 GMT, after dropping 0.4% on Tuesday.
Both benchmark contracts hovered around unchanged levels after having jumped on Wednesday after the US Energy Information Administration reported a sharp, unexpected 10.6 million barrel drop in crude stockpiles last week.
Oil prices rose on Wednesday after a surprise drop in U.S. crude inventories, but demand concerns amid record increases in Covid-19 infections in some USA states capped gains.
Oil prices rose on Friday and were on track for monthly gains, benefiting from news that USA oil output cuts in May were the largest on record.
"A relief of 6.8 million barrels could normally help prices rise even further, but concerns over a new supply glut coming from August are capping gains", Rystad Energy head of oil markets Bjornar Tonhaugen said.
The dollar extended its dramatic fall on Friday and was on course for its biggest monthly drop in a decade after news on Thursday that USA gross domestic product collapsed at a 32.9% annualised rate - the steepest decline in output since records began in 1947.
The fall in crude stocks was likely a result of supply cuts, agreed in April by the Organization of the Petroleum Exporting Countries (OPEC) and its allies, finally being realised.
"The virus is spreading like a wildfire across the Americas while Europe and Asia are displaying worrying signs of a second surge in cases", Stephen Brennock of oil brokerage PVM said.
Covid-19 continues to surge in the US - with California, Texas and Florida reporting record daily deaths - and is also staging a comeback in Asia. Saudi Arabia is expected to cut its official prices to Asian customers for the first time in four months, according to a Bloomberg survey, amid faltering demand.
In factuality, the foundering in crude oil futures' prices on Tuesday was nearly entirely goaded by a rattling battle in the Capitol Hill over a new pandemic stimulus proposal, while a new aid package unravelled by the US Republicans on Monday has been whacked out in the US Congress less than a week before at least 32 million Americans would lose an additional $600 per week in pandemic unemployment benefits.
Oil prices rose on Friday and were on track for monthly gains, boosted by a weaker dollar in the face of continuing concerns over the recovery of the USA economy as the coronavirus ravages the world's biggest economy and oil consumer.