On Thursday, oil prices slowly increased as investors remained wary due to a slower-than-anticipated decline in U.S. crude inventories and a deteriorating demand outlook.

After data revealed that U.S. inventories decreased less than analysts anticipated, prices declined in the prior session.

Brent futures added 0.3% to $79.70 per barrel while US WTI U.S. advanced by 0.4%, to $75.61 per barrel.

After the COVID-19 limits were lifted, China's economic recovery did not live up to predictions. In June, its oil imports soared by over half year over year, while at the same time, stock levels increased to almost record levels. Traders claimed that China has been rationally purchasing Russian crude at a discount.

According to the International Energy Agency and the Organization of Petroleum Exporting Countries, China's demand is anticipated to increase further in the second half of this year and continue to be the primary engine of global development.

According to Chinese official data released on Thursday, China's imports of Russian crude oil reached a record high in June despite declining discounts relative to global benchmarks.