After falling the day before, oil prices increased on Thursday as data revealed an increase in refinery operations in China, the world's largest crude importer, albeit gains were restrained by a gloomy economic outlook.

Brent crude futures added 0.97% to $73.91 per barrel while WTI advance by 0.94%, to $68.91 per barrel.

Data released on Thursday indicated that China's oil refinery throughput rose 15.4% from a previous year in May, reaching its second-highest level ever. This news helped the market.

According to the chief executive of Kuwait Petroleum Corporation (KPC), China's oil demand is anticipated to continue growing at a steady rate throughout the second half of the year.

Fears that rising interest rates would slow the economy of the United States and Europe and reduce oil demand also restrained price increases.

The U.S. Federal Reserve held interest rates steady on Wednesday but hinted that borrowing prices would rise by at least 0.5 percentage points by the end of the year.