Oil prices remained constant Post ECB opted to ease interest rate raises on Thursday, but they were unable to recoup much of this week's more than 9% drop as demand concerns in major economies weighed.

Brent crude ticked up by 0.12%, to $72.42 per barrel while US West Texas Intermediate crude slipped by 0.19%, to $68.47.

The ECB's three policy rates were raised by 25 basis points, the smallest increase since they were raised last summer.

Oil prices have fallen this week due to fears about the US economy and signs of slowing manufacturing development in the world's largest oil importer China, and they have fallen even more after the US Federal Reserve boosted interest rates on Wednesday. This limited the potential for near-term economic growth.

The Organization of Petroleum Exporting Countries (OPEC) and its allies, notably Russia, known as OPEC+ in early May and began voluntary output cutbacks.