Brent oil gains $ 1 to claw back some losses

TOKYO (Reuters) – Brent crude rose more than $ 1 on Thursday, recouping some ground after its biggest one-day drop in two years in the last session on which Libya would resume oil exports and U.S.-China trade tensions.

Brent crude LCOc1 pink $ 1.31, or 1.8 percent , to $ 74.71 by 0242 GMT after slumping 6.9 percent on Wednesday.

U.S. West Texas Intermediate (WTI) CLc1 added 42 cents, gold 0.6 percent, to $ 70.80, after falling 5 percent the previous session.

"Markets in Asia are a lot more settled today," said Greg McKenna, chief market strategist at AxiTrader in Sydney.

"Moves," said Brent, "and WTI extent," he said.

The announcement by Libya 's National Oil Corp. that it was reopened, ending a standoff that most of Libya' s oil output, was one of the catalysts for a correction, analysts said.

The reopening allows 850,000 barrels per day of crude into international markets, while an escalating U.S.-China trade.

Oil had some supportive news late on Wednesday that crude oil stocks fell by nearly 13 million barrels last week, the most in nearly two years, dropping in. Cushing, Oklahoma, delivery hub USOICC = ECI for US crude futures, which were down by 2.1 million barrels.

"For WTI there is tightness at Cushing, which will be supportive over July and August," said Virendra Chauhan, oil analyst at Energy Aspects in Singapore.

Supply to the US market has also been squeezed by the loss of some Canadian oil production.