Crude oil futures settled at $66.36, marking an increase of five cents or 0.08%. The lowest price reached was $65.60, while the highest was $67.09.
Prices are rebounding from a six-month low, despite growing concerns over rising supply, increasing U.S. inventories, and weakening demand amid escalating trade tensions in the U.S.
The modest gains followed a sharp decline on Wednesday after the Energy Information Administration (EIA) reported a larger-than-expected inventory build of 3.6 million barrels in the U.S.
Concerns about slower economic growth and reduced oil demand due to trade tariffs continue to put pressure on the market.
On the supply side, OPEC+ is preparing to reverse 2.2 million barrels per day of production cuts over the next 18 months, starting in April, reinforcing bearish sentiment. Meanwhile, non-OPEC production continues to rise, with U.S. output reaching a record 13.51 million barrels per day last week.
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