Brent crude futures were little changed at $105 on Thursday, after plunging the most in nearly three months in the previous session after Italy's borrowing costs skyrocketed and renewed fears about the euro zone's debt crisis.
Asian shares and base metals fell, while the euro nursed losses after plumbing to its lowest in 11 months. The market view that a European Union summit last week had failed to produce a solution to the crisis was reinforced when Italy was forced to pay a stinging 6.47 percent on 5-year bonds on Wednesday, a record borrowing cost for the euro era.
Crude prices were also weighed down by the Organization of Petroleum Exporting Countries (OPEC) which, at a December 14 meeting, did not announce a mechanism to quickly trim production in case oil demand grows slower than expected.
Brent crude gained 15 cents to $105.17 a barrel by 0247 GMT, after settling $4.48 a barrel lower on Wednesday and posting the biggest one-day percentage loss since September 22.