Oil prices recovered some ground on Thursday after hitting the lowest level in 15 months the earlier session as markets stabilised following Swiss regulators' decision to provide Credit Suisse with a financial lifeline.

Brent crude futures surged by 0.8% to $74.28 per barrel while West Texas Intermediate crude futures edged up by 0.7% to $68.10 per barrel.

U.S. crude dipped below $70 a barrel yesterday for the first time since alost 14 months, marking the third drop in a row.

Oil prices were boosted by OPEC's more optimistic assessment of China's oil demand.

This week, OPEC raised its projection for Chinese consumption in 2023, while the International Energy Agency (IEA) warned on Wednesday that resuming air travel and China's economic revive will likely shore up oil demand, yet oversupply worries lingered.

According to the Energy Information Administration, U.S. crude oil stockpiles ticked up by 1.6 million barrels last week, outpacing analysts' predictions of a 1.2-million-barrel increase.