Crude oil futures followed Wednesday's recovery in the Shanghai Composite Index to partially erase the historic slump seen in the previous session.

Chinese Premier Lie Keqiang told delegates gathered in Davos, Switzerland, for the World Economic Forum his country was focusing on quality growth in an economy among the world leaders in terms of gains in growth domestic product.

China's economic growth trajectory is slowing, though the government in Beijing said it was seeking to make its rise as an economic power more efficient. The premier said China was keen to develop a proactive fiscal policy that was neither too loose nor too tight.

The Shanghai Composite Index rose by the highest single-day percentage in more than five years as a sign of continued investment confidence. Shares had fallen off by their lowest level in nearly seven years in recent trading sessions.

That was enough to spill over into the oil markets. The price for Brent, the global benchmark, and West Texas Intermediate, the U.S. index, were both up roughly 2 percent early in the Wednesday session to trade near $49 and $47.40 per barrel, respectively.

Brent has struggled to recover above the $50 per barrel mark for most of 2015. Oil prices are still trading in a bear market, off more than half of the June 2014 values. Prices are at a point where major world economies that rely on oil and gas revenue, as well as those companies working in the energy sector, are starting to suffer.

Energy company BHP Billiton said Wednesday it was reducing the number of rigs active in the United States as oil prices continue to curb capital expenditure plans.

"We are reducing costs and improving both operating and capital productivity across the group faster than originally planned," Chief Executive Officer Andrew Mackenzie said in a statement.

His statement follows similar sentiment from oil services company Baker Hughes and Halliburton.