Concerns about the deepening economic crisis have stirred fears that slowing demand for oil in the United States and other developed economies could slide still further.
U.S. crude rose 70 cents to $94.67 a barrel by 12:06 p.m. EDT, after dropping $4.56 on Thursday on concerns about slumping demand. London Brent crude edged up 49 cents to $91.05 a barrel.
The U.S. House of Representatives was poised to vote on a $700 billion bailout package for U.S. banks after the bill was approved by the Senate late on Wednesday.
"Everyone is waiting for the U.S. House to follow the Senate's lead, in terms of passing an economic rescue package," said Peter Beutel, president of Cameron Hanover.
High fuel prices and the wider economic crisis has hurt consumption in top consumer the United States, knocking crude off a record peak over $147 a barrel struck in July.
In addition, investors who had piled into commodities this year as a hedge against the weak dollar and inflation have been selling out of oil for safer havens.
Oil dipped in early trade after data showed U.S. employers cut payrolls at the steepest rate in 5-1/2 years in September, slashing an unexpectedly large 159,000 jobs as employment contracted for a ninth straight month.
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