SINGAPORE, Nov 9 Reuters Oil prices edged up on Thursday as markets shrugged off deflationary indicators in China and looked for further clues on the status of demand from the world39;s two biggest oil consumers.

Brent crude futures rose 67 cents, or 0.8, to 80.21 a barrel by 0730 GMT. U.S. West Texas Intermediate WTI crude futures climbed 56 cents, or 0.7, at 75.89 a barrel.

The uptick came after both benchmarks fell more than 2 to their lowest since midJuly on Wednesday, as worry over possible supply disruptions in the Middle East eased and concern over U.S. and Chinese demand intensified.

The more subdued gains still reflect reservations in place, with macroeconomic factors and technicals giving sellers the upper hand for now, said Yeap Jun Rong, a market strategist at IG.

Thursday39;s gains likely reflect an attempt for prices to stabilise after the strong selloff in previous days, said Yeap.

Meanwhile, China inflation data released on Thursday showed that October CPI fell 0.2 year on year, while PPI data fell 2.6 year on year. This was broadly in line with a Reuters39; poll that forecast CPI would fall 0.1 and PPI 2.7.

Earlier in the week, customs data showed that China39;s total exports of goods and services contracted faster than expected, although its crude imports in October were robust.

On the plus side for oil demand, central bank governor Pan Gongsheng said China was expected to achieve its annual growth target of 5 for this year.

For the United…