Brent crude futures added 31 cents, or 0.41%, to $76.36 a barrel, while U.S. West Texas Intermediate crude futures edged up 18 cents, or 0.25% to $71.80
Oil prices were steady on Thursday after dropping for four consecutive days as investors worried about the global demand outlook, but a drop in U.S. fuel inventories provided a floor.
Brent crude futures added 31 cents, or 0.41%, to $76.36 a barrel, while U.S. West Texas Intermediate crude futures edged up 18 cents, or 0.25% to $71.80, at 1031 GMT.
So far this week, Brent has declined 4.2% while WTI crude is down 6%.
Prices slumped on Wednesday as revisions to jobs data in the US, added to concerns about crude demand after weak economic data out of China last week.
The US is the world’s largest oil consumer and China is the world’s biggest oil importer.
A report of revised employment statistics released on Wednesday showed fewer jobs were added this year in the US than previously reported.
Investors are also expecting that the OPEC and its allies, known as OPEC+, will lift some voluntary output cuts in October, adding more supply.
Concerns over how OPEC+ production would pan out in the fourth quarter if the cuts are lifted has exacerbated price weakness, though they could be paused or reversed if needed.
The downward pressure on prices makes it increasingly likely that OPEC+ will have to scrap their plans for gradually raising supply from October. Failing to do so, will likely put further pressure on prices, said ING analysts in a client note.
Upside catalysts for oil may seem limited for now, with rising odds of a ceasefire in the Middle East, which saw market participants pricing out some of the geopolitical risks, IG market strategist Yeap Jun Rong said.
