Brent crude oil futures gained 36 cents, or 0.5%, to $75.10 a barrel by 0247 GMT, while U.S. West Texas Intermediate crude oil futures increased by 33 cents, or 0.5%, to $72.72 a barrel.
Brent topped $75 a barrel for the first time in more than two years in June, but fell back sharply earlier this month on fears about the rapid spread of the Delta variant and a compromise deal by leading OPEC producers to increase supply. "The falls suggest the rise in cases of COVID-19's Delta variant is having little impact on mobility," ANZ analysts said in a note on Thursday.
Crude inventories fell by 4.1 million barrels in the week to July 23, the U.S. Energy Information Administration said, helped by lower imports and a decline in weekly production.The U.S. economic recovery is still on track despite the rise in coronavirus infections, the Federal Reserve said on Wednesday in a policy statement that remained upbeat and flagged ongoing talks around the eventual withdrawal of monetary policy support.
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