Oil firmed on Thursday, edging up from multi-month lows, due to a possible delay to output increases by OPEC+ producers and a decline in U.S. inventories, though gains were capped by persistent demand concerns.

Oil prices are slightly higher on a report that OPEC+ could delay increasing production. The U.S. benchmark hit a nine-month low of $69.19 earlier in the session after plunging more than 4% on Tuesday.

Get the latest on WTI crude oil prices. The API report confirms a larger-than-expected decrease in inventories, sparking market speculation.