Crude oil prices were holding steady at the start of trading Thursday as markets weighed statements from the European Central Bank and U.S. labor figures.

European Central Bank President Mario Draghi said Thursday it was keeping key interest rates unchanged at near zero percent. While recognizing the slow recovery in the European economy, Draghi said he'd use all tools at his disposal to support growth.

Lingering concerns over the health of the Chinese economy sparked widespread volatility in global stock and commodity markets. Draghi said it was too soon to conclude whether recent trends would have long-term economic impacts on the European economy.

"Accordingly, the governing council will closely monitor all relevant incoming information," he said. "It emphasizes its willingness and ability to act, if warranted, by using all the instruments available within its mandate and, in particular, recalls that the asset purchase program provides sufficient flexibility in terms of adjusting the size, composition and duration of the program."

Crude oil prices moved up very modestly at the start of trading in New York. The global benchmark Brent and the U.S. benchmark, West Texas Intermediate, were relatively unchanged from the previous close to trade at $50.53 per barrel and $46.37 per barrel, respectively.

Oil prices moved lower in Wednesday trading after Eurostat, the European Union's statistics office, reported industrial producer prices fell 2.1 percent year-on-year in July and were down 0.1 percent from the previous month. For energy, prices fell 6.5 percent year-on-year and were down 0.5 percent from June.

Lower demand from weakened economies, coupled with a market favoring the supply side, is pushing crude oil prices to historic lows, down more than 50 percent from June 2014 levels.

The U.S. Labor Department, meanwhile, said initial claims for unemployment increased 12,000 for a seasonally adjusted 282,000 for the week ending Aug. 29. Last week's claims were revised down by 1,000, however, and long-term trends show a steady decline in unemployment.