Oil Holds Above $75 as US Inventory Drop Supports

Crude oil storage tanks are seen in an aerial photograph at the Cushing oil hub in Cushing, Okla., on April 21, 2020. Drone Base/Reuters

LONDON—Oil slipped but held above $75 a barrel on Thursday, within sight of a near seven-week high hit a day earlier, supported by a big drop in U.S. crude inventories and expectations of recovering global demand.

U.S. crude inventories fell by 6.4 million barrels last week, more than analysts expected, as oil facilities offshore were still recovering from Hurricane Ida.