Oil prices rose in early Asian trade on Thursday, paring sharp losses over the past two sessions, after industry data showed an unexpected drop in US crude stockpiles last week.

Brent crude futures rose 45 cents, or 0.6%, to $74.67 a barrel, while US West Texas Intermediate crude futures were at $70.84 a barrel, up 45 cents, or 0.6%.

Both crude benchmarks settled down on Wednesday, closing at their lowest levels since Oct. 2 for a second day in a row.

The benchmarks are down 6-7% so far this week after the Organization of the Petroleum Exporting Countries and the International Energy Agency cut demand forecasts for 2024 and 2025.

Source: Qatar News Agency