After plunging to the lowest level in the earlier session, oil prices gained some ground on Thursday, but investors were still worried about weak demand and slowing economies in China and the United States.

Brent crude added 0.4%, to $74.56 a barrel meanwhile West Texas Intermediate crude futures advanced by 0.4% to $69.62 per barrel.

According to ANZ analysts in a report, data from the previous session showed that U.S. output is still close to record highs despite a decline in stocks, which alarmed the market.

Brent contracts are now trading in contango for the first time in a year, with near-term delivery contracts costing less than six months in advance. The trading of WTI contracts has likewise shifted to contango over a period of six months.

A return of the market to contango implies that traders are placing barrels in storage and indicates that they are less concerned about the state of the supply.

Following the announcement of voluntary output cuts totaling 2.2 million barrels per day by OPEC+, oil prices have decreased by around 10%.

The rise in oil prices was partly restrained by worries about China's economy. Chinese customs statistics revealed that November's imports of crude oil decreased by 9% compared to the same month last year due to a combination of high inventories, poor economic indicators, and a slowdown in orders from independent refiners.