BEIJINGSINGAPORE, Dec 7 Reuters Oil prices reclaimed some ground on Thursday after tumbling to a sixmonth low in the previous session but investors remained concerned about sluggish demand and economic slowdowns in the U.S. and China.

Brent crude futures rose 27 cents, or 0.4, to 74.56 a barrel by 0613 GMT. U.S. West Texas Intermediate crude futures rose 24 cents, also 0.4, to 69.62 a barrel.

Oil markets may have been oversold, which could mean the recovery is a shortterm rebound, Tina Teng, a markets analyst with CMC Markets, said in a note.

In the previous session, the market was spooked by data showing U.S. output remains near record highs even though inventories fell, analysts at ANZ said in a note.

Some of the bearishness was also a result of higher product fuel inventories, the ANZ analysts said.

Gasoline stocks rose by 5.4 million barrels in the week to 223.6 million barrels, the EIA said on Wednesday, far exceeding expectations for a 1 millionbarrel build.

For the first time in a year, the market structure for Brent contracts switched to trade in contango, with contracts for nearterm delivery cheaper than six months later . WTI contracts have also switched to trade in contango over six months out.

A market moving back into contango suggests there is less worry about the current supply situation and encourages traders to put barrels in storage.

Oil prices have fallen by about 10 since the Organization of the Petroleum Exporting Countries and allies,…