Brent oil gains $ 1 to claw back some losses

TOKYO (Reuters) – Brent crude rose more than $ 1 on Thursday as a major drawdown in US stockpiles, recouping some of the market's heavy losses from the previous session

Brent crude was up 96 cents, or 1.31 percent, at $ 74.36 by 0102 GMT, after rising to $ 74.46. On Wednesday, the contract slumped 6.9 percent in its largest one-day percentage decline since Feb. 9, 2016.

U.S. crude rose 21 cents, gold 0.3 percent, to $ 70.59, after falling 5 percent the previous session.

"Both oil contracts have recently been reduced to $ 80 and $ 75 Fawad Razaqzada, an badyst at FOREX.com, said in a note.

The Announcement by Libya's National Oil Corp. The most important issue of this paper is that it has been reopened, and it has been reopened for the second time.

The reopening allows the return of as much as 850,000 barrels per day of crude into international markets.

Purpose in the US Stockpiles are falling as refiners suck crude for inventories to produce more gasoline for drivers in the peak season

US crude oil stocks fell by nearly 13 million barrels last week, the most in nearly two years, the energy information administration said on Wednesday.

(Reporting by Aaron Sheldrick; Editing by Joseph Radford)