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Oil is consolidating and climbing after losses
Oil prices rose on Thursday to consolidate after losses in the last two days as a surprise increase in US stocks and renewed concerns over the US-China trade row.
London Brent crude <LCOc1> was up 16 cents at $ 72.55 a barrel by 0.503 GMT after falling 2.5 percent on Wednesday.
US West Texas Intermediate crude futures rose 6 cents, or 0.1 percent, to $ 67.72 a barrel after falling 1.6 percent in the previous session.
Oil prices are affected by ongoing global trade tensions, and markets are concerned about any slowdown in growth around the world.
US President Donald Trump has sought to step up pressure on China for trade concessions by proposing a 25 percent tariff on Chinese imports worth $ 200 billion.
China said it would respond if the United States took further steps in terms of trade.
Brent crude prices fell more than 6 percent in June and US crude fell nearly 7 percent, the biggest monthly decline since July 2016.
The US Energy Information Administration said US crude inventories rose 3.8 million barrels last week as imports rose. Analysts polled by Reuters had expected US inventories to fall 2.8 million barrels.
But the Energy Information Administration report was not without elements that would pay to bet on higher prices. Gasoline inventories fell 2.5 million barrels, while crude stocks at the delivery point in Kaching, Oklahoma, fell 1.3 million barrels, according to management data.
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