Both contracts had fallen by more than 5% over the previous two trading sessions. China on Friday unveiled a 10 trillion yuan ($1.40 trillion) debt package to ease local government financing strains, but analysts said it fell short of the amount of stimulus that would be needed to boost growth.

Oil prices steadied on Tuesday, recovering from a 5% drop over the previous two sessions, as investors absorbed OPEC's latest downward revision for oil demand and market's disappointment over China's latest stimulus plan.

Experts say China's latest stimulus plan falls short in meeting investor expectations, while market players question how new stimulus package will affect oil prices - Anadolu Ajansı

Technical analysis suggests that oil prices are eyeing a bounce but could face resistance around $74.00 and $76.35. Click to read.

Oil rebounded on Wednesday on short-covering after prices fell near a two-week low in the prior session on OPEC's demand forecast cut, while the dollar hit a seven-month high, capping crude's gains. Brent crude futures were up 61 cents,

Oil futures rose Tuesday, bouncing after back-to-back losses that sent the U.S. benchmark back below the $70-a-barrel threshold.