After expectations of a cut in interest rates from the Federal Reserve offset weak economic data from the world's two largest economies, the United States and China, the sharp drop in the price of crude oil halted on Thursday.

West Texas Intermediate crude oil futures fell 5 cents to trade at $71.88 at 0036 GMT. Brent oil futures were up 3 cents to $76.08 per barrel. Both contracts lost more than $1, or more than 1%, during the previous session. WTI hit its lowest level since the start of February on Wednesday after revised U.S. employment statistics showed fewer jobs than expected and economic data from China, the world's second-largest economy, was weak. The overnight drop in oil prices subsided early on Thursday, however, as markets focused on the prospects of reducing U.S. interest rates in the near term