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September Brent futures climbed 6 cents, or 0.1%, to$79.52 a
barrel by 0929 GMT, while August U.S. West Texas Intermediate (WTI)
crude gained 21 cents, or 0.3%, to $75.56 a barrel.
The August WTI contract expires on Thursday. The more active
September WTI crude was 8 cents, or 0.1%, higher at $75.37.
Prices fell in the previous session after data showed U.S.
inventories fell less than analysts expected.
"Yesterday's U.S. EIA (Energy Information Administration) oil
stock report proved something of a disappointment for those that
were looking for inspiration," PVM Oil analysts said.
China's economic recovery following its end to COVID-19 curbs
has fallen short of expectations. Its oil imports year-on-year
surged by nearly half in June, but at the same time stock levels
rose to near an all-time high. Traders said China had been
pragmatically buying discounted Russian crude.
The Organization of the Petroleum Exporting Countries and the
International Energy Agency have said China's demand is expected
to continue to rise in the second half of this year and remain
the main driver of global growth.
China's imports of crude oil from Russia hit an all-time high in
June, Chinese government data showed on Thursday, even as
discounts against international benchmarks narrowed.
Crude prices may struggle to find a clear direction given a
mixed global demand outlook in the next few weeks, Citi analysts
said in a note.
Demand is "a mixed picture with stronger gasoline and jet fuel
demand, but weaker petchems and diesel," the analysts said.
Brent crude prices have broken through to a higher range this
month, after being stuck at $72-$78 in May and June, the Citi
analysts added, after Saudi output cuts and geopolitical risks
supported demand.
(Additional reporting by Jeslyn Lerh in Singapore; editing by
Barbara Lewis)
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