Oil prices rebounded from steep declines early in the trading day Thursday after the Shanghai Composite Index rose on word of Chinese stimulus.

The price for Brent, the global benchmark, rose 2.7 percent early in the Thursday session to sell for $55.64 per barrel, recovering from Wednesday's decline. Crude oil has been trading in a bear market, off about 50 percent from June, but sustained Brent prices above the $50 per barrel mark suggest the floor was reached in January.

Thursday's rally was sparked in part by a decision from the People's Bank of China to unleash about $96 billion into an economy struggling to sustain a historic growth rate. A restructuring meant to drive the economy toward qualitative over quantitative growth is slowing things down, though the Shanghai Composite Index greeted the bank's decision with a 2.2 percent jump at the start of the trading day.

A weekly rally in crude oil prices lost steam in the Wednesday session as U.S. data show crude oil inventories near 80-year highs.

The price for West Texas Intermediate, the U.S. benchmark, moved closer to the $50 mark early Thursday, gaining 2.2 percent over the prior session to $49.52 per barrel. Prices are still at a point where some companies in the energy industry are cutting spending and staff to cope with the weak market.

Low oil prices are creating macroeconomic concerns. The U.S. Commerce Department said Thursday the full-year 2014 trade deficit grew 6 percent to $505 billion, jumping more than 17 percent in November.