Oil prices reclaimed some ground on Thursday after tumbling to a six-month low in the previous session but investors remained concerned about sluggish demand and economic slowdowns in the US and China.
Brent crude futures rose 27 cents, or 0.4%, to $74.56 a barrel by 0613 GMT. US West Texas Intermediate crude futures rose 24 cents, also 0.4%, to $69.62 a barrel.
"Oil markets may have been oversold," which could mean the recovery is a "short-term rebound", Tina Teng, a markets analyst with CMC Markets, said in a note.
In the previous session, the market was spooked by data showing US output remains near record highs even though inventories fell, analysts at ANZ said in a note.
Some of the bearishness was also a result of higher product fuel inventories, the ANZ analysts said.
Gasoline stocks rose by 5.4 million barrels in the week to 223.6 million barrels, the EIA said on Wednesday, far exceeding expectations for a 1 million-barrel build.
Oil prices have fallen by about 10% since the Organization of the Petroleum Exporting Countries and allies, together called OPEC+, announced a combined 2.2 million barrels per day voluntary output cuts.
A Reuters survey found that OPEC oil output fell in November in the first monthly drop since July, as a result of lower shipments by Nigeria and Iraq as well as ongoing market-supporting cuts by Saudi Arabia and other members of the wider OPEC+ alliance.