Oil prices rose slightly on Thursday, regaining some ground after the previous day's plunge due to concerns about future increases in US interest rates.

As markets look to key Chinese economic data for indications of demand, Brent oil futures rose 21 cents, or 0.3%, to $73.41 per barrel at 0009 GMT. U.S. West Texas Intermediate (WTI) crude was $68.50 per barrel, up 23 cents,

Both benchmarks fell by 1.5% on Wednesday after the U.S. Federal Reserve forecast more rate hikes this year, triggering concerns that a higher-interest rate environment would slow the economy and reduce oil demand. Higher interest rates also strengthen the dollar, making commodities denominated in the U.S. currency more expensive for holders of other currencies. The U.S. dollar rose 0.5% against a basket of currencies at the start of the day on Thursday.