Oil prices were a tad higher on Thursday, after having fallen around 4 percent in the previous session on worries about the outlook for energy demand. Benchmark Brent crude futures rose 0.4 percent to $78.03 a barrel, while WTI crude futures were up 0.2 percent at $74.44.
Prices received some support after data from the Energy Information Administration (EIA) showed crude oil inventories decreased by 5.1 million barrels to 460.9 million barrels in the week ended April 21.
The EIA data showed gasoline inventories dropped by 2.4 million barrels to 221.1 million barrels last week, while distillate stockpiles decreased by 600,000 barrels to 111.5 million barrels.
Data released by the American Petroleum Institute (API) a day before revealed that U.S. crude inventories fell by about 6.1 million barrels last week.
The dollar remained under pressure, with the euro holding near a one-year high versus the greenback, as Europe's resilient economy contrasted with the baking turmoil and an impending recession in the United States.
Meanwhile, the global crude market has achieved balance and there's no need for additional oil output cuts beyond what key producers have already agreed, Interfax reported, citing Russian Deputy Prime Minister Alexander Novak.
