Brent crude LCOc1 was up 96 cents, or 1.31 percent, at$74.36 by 0102 GMT, after earlier rising to $74.46.
Oil prices were mixed on Monday, with global prices boosted by ongoing supply issues in Libya, while signs of rising output in the USA weighed on West Texas Intermediate crude.
Crude inventories fell by 12.6 million barrels in the week to July 6, compared with analysts' expectations for a decrease of 4.5 million barrels. On Wednesday, the contract slumped 6.9 percent in its largest one-day percentage decline since February 9, 2016.
China was the second largest importer of USA crude in Q1, according to US government data, and China has not yet imposed tariffs on US crude.
Oil prices were falling Wednesday following the announcement by the Trump administration of new tariffs on Chinese goods.
Finally, we have to continue to expect production from Saudi Arabia, Russia and the U.S.to rise.
The selling pressure intensified as trade tensions between the USA and China raised concerns about demand.
"Escalating trade tensions between the USA and China has prompted risk aversion in today's trading session, which is evident in oil prices", said Abhishek Kumar, senior energy analyst at Interfax Energy. Higher oil prices tend to increase trade deficits, as more money is paid for foreign oil. A stronger dollar can weaken dollar-denominated commodities, like crude.
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The first two events set the table for the steep sell-off, which was triggered after Tripoli-based Libya National Corp. said four export terminals were being reopened after eastern factions handed over the ports, ending a standoff that had shut down most of Libya's oil output.
USA crude inventories fell last week by 6.8 million barrels, according to data from industry group, the American Petroleum Institute. Concerns about a lack of spare capacity had led crude to rally.
Washington had previously said countries must halt all imports of Iranian oil from November 4 or face USA financial restrictions, with no exemptions.
The report boosted hopes of rise in oil supplies in coming days, even as data released by U.S. suggested that crude oil stockpiles fell by more than 12 million barrels last week.
Washington had earlier told countries they must halt all imports of Iranian oil from November 4 or face USA financial measures, with no exemptions. This will bring additional crude to the market.
During the session, CME Group said a technical issue impacted connectivity for some customers.
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