Washington: Oil prices saw an upturn in early Asian trading on Thursday, recovering from significant losses in the previous sessions prompted by a surprising reduction in U.S. crude inventories.

According to National Iraqi News Agency, Brent crude futures gained 45 cents, reaching $74.67 a barrel, an increase of 0.6%. Similarly, U.S. West Texas Intermediate crude futures also rose by 45 cents to $70.84, marking a 0.6% rise. This positive shift in oil prices comes after both benchmarks hit their lowest levels since October 2 on Wednesday, continuing a downward trend for the second consecutive day.

The oil market has been under pressure, with prices dropping between six and seven percent since the start of the week. This decline followed revisions in demand forecasts for 2024 and 2025 by the Organization of the Petroleum Exporting Countries (OPEC) and the International Energy Agency, which adjusted their expectations downwards.