Oil retreated on Thursday post slumping over $1 per barrel the earlier day, shored up by US solid demand figures, the biggest oil consumer worldwide.

Brent crude added 0.2% to $76.58 per barrel while US crude edged up by 0.2% to $72.73.

The slip in US inventories that went beyond projection reinforced the prices, mirroring an enhanced fuel demand in the United States.

Although, investors are still in wary, as the continuous rates hike worldwide kept on triggering worries of possible slowdown in the economy.

The recently released US consumer prices figures for April manifested the probability that Fed will intact its hawkish policy in combating inflation and carry on with the rate increases which will consequently have a negative impact on the demand.

Attention is now turned-on talks on hiking the US government's $31.4 trillion debt ceiling addressed on Wednesday, wher Republicans keeping on their decision on spending trims.