U.S crude was down 2 cents at $61.38 a barrel by 0816 GMT, giving up some of Wednesday's 3.5 percent surge.
London Brent crude was down 8 cents at $61.97.
Prices spiked to their highest since October 2 on Wednesday after U.S. data showed crude stocks in the world's top consumer fell last week. Tha market had expected a rise.
"The unexpected stock figures from the United States really helped to put the colour back into oil," said Gerard Burg, a commodities analyst at National Australia Bank.
The drop in crude inventories was due to the closure of the Louisiana Offshore Oil Port, the country's biggest oil import facility, for three days last week.
Christopher Bellew, a broker at Bache Financial, noted U.S. oil stocks remained very comfortable however.
"It's slightly specious bullish news," he said of Wednesday's inventory data. "Stocks are still high and there is refinery maintenance, which high stocks allow."
More evidence of OPEC's resolve to make good its pledge to cut 1.2 million barrels per day of production has also helped prices recover from a 2006 low of $56.55 a barrel last week, when traders questioned some OPEC members' willingness to cut.
An Iranian official said on Wednesday it had informed customers it would be cutting November supplies by 176,000 bpd. A Nigerian official said the country would extend the 5 percent curbs it imposed voluntarily this month into November.
Customers of leading exporter Saudi Arabia and the UAE said earlier this week they were notified of cuts.
"OPEC is showing some backbone," said Tony Nunan, a risk manager with Japan's Mitsubishi Corp. "It looks like we have now confirmed the medium-term bottom (for prices)."
Weather concerns have also helped the recovery, with an early chill in the Northeast set to keep oil demand strong over the next five days, according to forecaster Meteorlogix.
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