Crude oil markets were higher Thursday morning as they tried to bounce from a series of declines, yet concern about mixed economic indicators and oversupply prevented a stronger recovery.

Brent crude future prices traded at $66.49 per barrel, up 0.6 percent, while WTI prices traded at $56.30 per barrel, or up 0.1 percent, as of 9:35 a.m. EST.

"Oil prices are trying to stabilize once more, after halting the bloodletting of 12 consecutive down days yesterday," Matt Smith, director of commodity research at ClipperData, told UPI.

"Although broader market sentiment is downbeat amid mixed economic indicators and Brexit concerns, last night's large build from the API report means that a lot of the potential bearish news from this morning's EIA report is already baked into the cake," he added.

The EIA will provide a weekly status report at 10:30 a.m. EST. Figures on inventory levels are normally different from what the American Petroleum Institute reports a day earlier.

Brent crude oil prices were down from a peak of $86 per barrel on October 3 to $70.18 per barrel last week, when there was expectation among traders that a decision by oil producing countries to reduce output could have been announced during a weekend meeting in Abu Dhabi.

However, the only agreement was to monitor markets, consider all factors and discuss changes again in the next OPEC and non-OPEC meeting to be held December 6 in Vienna.

Prices had climbed in the months leading to October on expectations that U.S. nuclear-related sanctions against Iran, announced in May to take effect on Nov. 5 would reduce crude oil supplies. There were also concerns that Venezuelan production was declining, amid economic and political problems in the country.

Prices fell during most of October as Saudi Arabia announced it planned to increase production as needed to keep the market well supplied and cover any potential disruption from any potentially lost Iranian output.

On Nov. 5 the United States announced waivers to eight nations so that they could continue to buy Iranian crude oil. This led to concern that the oil market was left unbalanced with excess supply.

The declines were extended this week, in part fueled by a comment by U.S. President Donald Trump that prices could be "much lower" amid oversupply concerns.

Brent front-month futures crude prices were quoted at $66.81 per barrel Thursday just before 9:00 a.m.

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