Early on Thursday in Asian trading, oil prices increased, reversing their steep losses over the previous two sessions following the unexpected decline in U.S. crude stockpiles last week, according to industry statistics.
By 00:23 GMT, Brent crude futures had increased by 45 cents, or 0.6%, to $74.67 a barrel, while US West Texas Intermediate crude futures had increased by 45 cents, or 0.6%, to $70.84 a barrel.
For the second day in a row, both of the benchmarks for crude oil settled down on Wednesday and closed at their lowest points since October 2.
The International Energy Agency and the Organization of Petroleum Exporting Countries (OPEC) lowered their demand projections for 2024 and 2025, which has caused the benchmarks to fall 6-7% so far this week.
As risk premiums have decreased due to concerns, prices have also decreased.
