Oil futures rose Thursday, gaining ground alongside global equities and other assets perceived as risky, a day after the Federal Reserve delivered a large interest-rate cut and set the stage for further easing of monetary policy.

Oil prices rose on Thursday after a large interest rate cut from the U.S. Federal Reserve, but Brent was still hovering around its lowest levels of the year, below $75, on expectations of weaker global demand.

Oil futures trimmed losses Wednesday, after government data showed U.S. crude inventories fell last week and the Fed delivered a half-point rate cut.