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Oil Rebounds In Cautious Trade

Oil prices were a tad higher on Thursday, after having fallen around 4 percent to almost six-month lows in the U.S. trading session overnight.

Benchmark Brent crude futures rose 0.4 percent to $97.16 a barrel, while WTI crude futures were up 0.6 percent at $91.22.

The dollar's weakness contributed to the mild upside as investors await the all-important U.S. jobs data on Friday for directional cues.

Both benchmarks reached their weakest levels since February on Wednesday, as data showed an unexpected surge in stockpiles and the oil producer group, known as OPEC+, approved a small increase in production.

Data released by U.S. Energy Information Administration (EIA) showed crude stockpiles in the U.S. rose by 4.5 million barrels last week versus expectations for a draw of 630,000 barrels.

Gasoline stockpiles increased by 163,000 barrels last week, as against expectations for a drop of 1.61 million barrels, offering fresh signs of weakening demand in the United States during the peak summer driving season.

The Organization of Petroleum Exporting Countries and its allies, a group known as OPEC+, agreed to increase production by 100,000 barrels per day in September amid flagging global demand and China's strict COVID-19 restrictions.

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