Oil price was down on Thursday over a potential agreement to increase supply and decline in US gasoline stocks.
International benchmark Brent crude was trading at $73.93 per barrel at 0750 GMT for a 0.83% loss after closing Wednesday at $74.76 a barrel.
American benchmark West Texas Intermediate (WTI) was trading at $72.20 a barrel at the same time with around 1% decrease after ending the previous session at $73.13 per barrel.
A potential agreement between Organization of the Petroleum Exporting Countries and allies (OPEC+) and its allies led a fall in prices.
Also, data from China showed a 3% drop in crude imports in the country in the first half of the year on Wednesday, showing the first dip since 2013.
The negative data implied a demand decline in China, the world's largest oil importer, exerting downward price pressure.
US commercial crude oil inventories decreased by 1.8% for the week ending July 9, according to the latest data released by the Energy Information Administration (EIA).
Inventories fell by 7.9 million barrels to 437.6 million barrels, higher than the market expectation of a 4.3 million-barrel draw.
By Nuran Erkul Kaya