Oil prices regained some ground on Thursday after steep losses the previous day, with a slight drop in U.S. crude inventories stoking hopes that a global supply overhang might slowly retreat. Brent crude futures were at $53.08 per barrel at 0430 GMT, up 15 cents, or 0.3 percent, from their last close. U.S. West Texas Intermediate (WTI) crude futures were up 12 cents, or 0.2 percent, to $50.56 a barrel. Traders said that the slight gains came on the back of a reduction in commercial U.S. crude stocks, which fell by 1 million barrels last week to 532.34 million barrels, according to the U.S. Energy Information Administration (EIA). 

However, that level was still near a record high. The price increases on Thursday followed a more than 3.5 percent drop in both crude benchmarks during the previous session after the EIA reported surging gasoline inventories as well as another rise in U.S. crude oil production to 9.25 million barrels per day (bpd), up almost 10 percent since mid-2016.

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