Oil prices recovered some ground on Thursday, after having fallen nearly 4 percent the previous day to their lowest settlements since June on demand concerns, following a larger-than-expected build in U.S. gasoline inventories.
Benchmark Brent crude futures jumped 0.8 percent to $74.92 a barrel, while WTI crude futures were up 0.7 percent at $69.84.
WTI contracts fell for a fifth day to dip below $70 for the first time since July on Wednesday as data pointing to a jump in U.S. stockpiles fueled demand worries.
According to the data released by the Energy Information Administration (EIA), gasoline stocks surged 5.4 million barrels last week, more than five times the expected increase.
There is skepticism over OPEC+'s recently announced voluntary supply cuts due to fractures within the alliance.
Analysts wonder whether Riyadh could abruptly reopen the taps to maintain market share, similar to a move in 2014 to counter rising U.S. production.
Meanwhile, data released earlier today by the General Administration of Customs showed China's crude imports dropped to their weakest in four months in November, trumping bullish demand forecasts from leading industry participants.
