Gas prices are four times higher than normal for this time of year, fueling inflation and hurting economies.

U.S. commercial crude oil inventories decreased by 12.6 million barrels to 419.1 million barrels.

Brent had firmed 70 cents or 0.84% to $83.73 per barrel, WTI climbed 56 cents or 0.72% to $78.76 per barrel.

With Russia cutting most of its gas supplies to Europe in the fallout over Moscow’s war in Ukraine, the continent is set to delve further into its stockpiles that it has spent months accumulating.

The EU aims to end its reliance on Russian fossil fuels by 2027. For now, Moscow’s move to halt supplies through the main Nord Stream 1 pipeline has led the bloc to increase shipments of Russian seaborne gas by around 50 per cent.

The European Union needs additional funds to decouple from Russian gas and shield companies and households from the current energy crisis,

Qatar, one of the world's largest LNG exporters, has been courted by European countries, including Germany and the UK, in recent months as they seek improved gas supply security amid stubbornly high prices.

Brent dropped $2.16, or 2.6%, to trade at $81.47 a barrel, WTI slid $2.08, or 2.7%, to $74.20 a barrel.

OPEC+ agreed on Oct. 5 to slash its production quotas by 2 million b/d starting in November, saying it was a "technical decision" aimed at averting the impact of a potential global recession.

The 27 EU member states are trying to hammer out an agreement that can be implemented by the end of the year. The commission on Tuesday proposed to limit the price of the upcoming contract on the TTF market. TTF accounts for around four-fifths of gas trading in the bloc.

Despite having already spent hundreds of billions of euros ensuring storage sites are filled this winter and providing support to households and businesses, the strain on public funds as well as pain for households and businesses are likely to continue next year.

China and India now purchase two-thirds of all the crude exported by sea from Russia; at least half of the crude exported by pipeline from Russia also goes to China.

Brent rose by 41 cents, or 0.48%, to trade at $85.75 a barrel, WTI went up by 57 cents, or 0.73%, from Wednesday's close to $78.51 a barrel.

OPEC producers UAE and Saudi Arabia have denied a media report that suggested OPEC+ members are planning on increasing crude production by 500,000 barrels per day ahead of their next meeting on December 4.

Failure to reach a deal would send a signal that the EU’s united response to the war-driven energy crisis is falling apart -- a political gift for Moscow that Europe is keen to avoid.