Oil prices edged higher on Thursday, recovering some ground from the previous day's plunge on worries about future US interest rate hikes, with markets now looking to key Chinese economic data for demand indications.

Brent crude futures rose 21 cents, or 0.3%, to $73.41 per barrel. US West Texas Intermediate (WTI) crude was at $68.50 a barrel, up 23 cents, or 0.4%.

Both benchmarks fell 1.5% on Wednesday after expectations from the US Federal Reserve for further rate hikes this year, raising fears that higher interest rates could slow the economy and lower oil demand.

Source: Qatar News Agency