Oil prices recovered some ground on Thursday on strong demand in the United States, but analysts cautioned that oversupply would continue to drag on markets after a steep fall in the previous session. Brent crude futures were trading up 34 cents, or 0.7 percent, at $48.13 per barrel by 0513 GMT. U.S. West Texas Intermediate (WTI) crude futures were up 32 cents, or 0.7 percent, at $45.45 per barrel. 

The gains reflected firm fuel demand in the United States, where data from the American Petroleum Institute (API) on Wednesday showed that U.S. crude inventories fell by 5.8 million barrels in the week to June 30 to 503.7 million. Prices have managed to recover ever so slightly after API released its inventory data which showed U.S. crude inventories falling.

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