Crude oil prices advanced in Europe trade on Thursday, after plunging to their lowest level in more than five weeks in the previous session.

Light sweet crude for January delivery gained 79 cents to $95.74 a barrel in electronic trading on the New York Mercantile Exchange during European trading hours. Brent crude oil futures for January delivery rose 0.8 percent to $105.87 a barrel on the ICE futures exchange in London.

On Wednesday, oil futures plunged 5.2 percent or $5.19 to settle at $94.95, the lowest settlement since Nov. 4, Bloomberg reported.

The sell-off came after the Organization of Petroleum Exporting Companies decided to raise the output ceiling even though global economic headwind would likely reduce demand rather than increase it.

Meanwhile, disappointing Italian bond auctions on Wednesday also added to fears over the eurozone's debt crisis.

The Italian Treasury sold its maximum target of 3 billion euros of 5-year bonds. However investors felt disappointed as the yields rose to 6.47 percent, the highest record seen since 1997 and they believed the success of the auction was only due to the European Central Bank.

Crude oil Settlement New York European central bank