Thanks to lower crude oil and gas inventories in the United States, oil prices rebounded on Thursday. Signs that the U.S. Federal Reserve could keep rates higher for longer have reduced the outlook for fuel demand going forward.

Oil prices rebounded on Thursday after falling in the previous session. Brent crude oil futures for the May settlement rose 0.6%, or 52 cents, to $86.47 per barrel at 0155 GMT, after falling

The American West Texas Intermediate futures contract for delivery in May rose by 0.5%, or 45 cents, to $81.72 per barrel, after falling by 1.6% in the previous session. The April contract expired on Wednesday down 2.1% to $81.68

Oil refineries increased production by 127,000 barrels per day and utilization rates increased.