As the market absorbed a tighter crude supply and concerns about a worldwide economic recession, oil prices remained relatively unchanged on Thursday.

Brent Crude futures dropped 4 cents lower to $76.62 per barrel, meanwhile WTI steadied by 4 cents to $71.83 per barrel.

Leading oil exporters Saudi Arabia and Russia recently announced further rounds of output reductions for August. The overall reductions currently amount to over 5 million barrels per day (bpd), or 5% of the world's oil production.

The cutbacks and a greater than anticipated decline in U.S. crude stocks gave the prices some backup.

When OPEC releases its initial estimate for 2024 this month, it is expected to maintain a positive prognosis on oil demand growth for the following year, projecting a slower increase than this year but still an above-average rise, according to sources close to OPEC.

The market has been anticipating higher interest rates in the U.S. and Europe to combat persistently rising inflation, while recent polls showing a slowdown in industrial and service activity in China and Europe have increased concerns of a worldwide recession.