Oil prices fell on Thursday, recording losses after two sessions of gains, which were supported by government data showing a sharp decline in U.S. crude inventories.

 Over the past two days, prices have been attempting to recover from the multi-month lows they reached earlier this week. Brent crude futures fell 36 cents, or 0.46%, to $77.98 a barrel by 08:51 GMT, while U.S. West Texas Intermediate (WTI) increased 27 cents, or 0.36%, to $74.98.

On Monday, Brent crude dropped to its lowest level since early January, while WTI hit its lowest level since February amid concerns about a U.S. recession and a global stock market sell-off.

Government data showed that U.S. crude inventories fell for the sixth consecutive week, dropping by 3.7 million barrels to 429.3 million barrels, compared to analysts’ expectations of a 700,000-barrel draw.

 Investors continue to assess supply conditions after data from the U.S. Energy Information Administration showed that production jumped by 100,000 barrels per day to a record 13.4 million barrels per day in the week ending August 2.

However, potential supply disruptions from the Middle East have worried markets, and although no supplies have been affected so far, attacks on ships in the Red Sea have forced tankers to take longer routes, meaning more oil remains at sea for longer.