WASHINGTON (dpa-AFX) - Oil prices were seeing modest gains on Thursday after four days of declines.
Sentiment was helped after industry data showed a decrease in the U.S. inventories for the week ending October 11.
Benchmark Brent crude futures rose 0.3 percent to $74.45 in European trade while WTI crude futures were up 0.3 percent at $70.62.
Both benchmarks have fallen by 6-7 percent since the start of the week and closed at their lowest levels since Oct. 2 on Wednesday after OPEC and the International Energy Agency cut demand forecasts for 2024 and 2025.
Risk premiums have decreased as traders weighed potential risks to production from the Middle East against China demand concerns and worries over a global glut.
Earlier today, China announced supportive measures to prop up the country's troubled property sector, albeit on a small scale.
The measures included expanding a 'white list' of housing projects eligible for financing and increasing bank lending for such developments to 4 trillion yuan.
The briefing from China's housing minister lacked substantial new measures, leaving investors skeptical regarding further economic growth ahead of third-quarter GDP data due on Friday.
On the geopolitical front, Israeli strikes continue in Lebanon and Gaza and U.S. officials expect Israel to respond to Iran's October attack before November 5.
According to the American Petroleum Institute (API), crude oil inventories in the U.S. declined by 1.5 million barrels for the week ending October 11, compared to expectations for an increase.
Markets now await official data from the EIA later in the day for further direction.
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