Feb 23 Reuters Oil prices edged up on Thursday, after Brent crude posted its biggest singleday loss in seven weeks the day before, as market players reassessed prospects for supply and demand.

Investors in energy markets are weighing the prospects for China39;s reviving demand against tepid consumption in the United States and other advanced economies, analysts from Haitong Futures said.

Brent crude futures rose 41 cents, or 0.5, to 81.01 per barrel by 0754 GMT. West Texas Intermediate crude futures WTI advanced 38 cents, also 0.5, to 74.33.

Both benchmarks lost more than 2 in the previous trading day on expectations of more aggressive interest rate increases.

Minutes from the latest U.S. Federal Reserve meeting on Wednesday showed that a majority of Fed officials agreed the risks of high inflation remained a key factor shaping monetary policy and warranted further rate hikes until it was controlled.

The policymakers also suggested that a shift to smaller hikes would let them calibrate more closely with incoming data.

Lending some support to oil prices, Russia plans to cut oil exports from its western ports by up to 25 in March versus February, exceeding its announced production cuts of 500,000 barrels per day.

The dollar index inched down by 0.1 to 104.39 on Thursday, making oil slightly cheaper for those holding other currencies.

But oil price gains were limited by signs of further crude inventory builds.

U.S. crude oil and fuel inventories rose by 9.9 million…