NEW YORK, Jan. 5 (Xinhua) -- Oil prices climbed on Thursday after data showed a smaller-than-anticipated increase in U.S. crude stockpiles.

The West Texas Intermediate (WTI) for February delivery gained 83 cents, or 1.14 percent, to settle at 73.67 U.S. dollars a barrel on the New York Mercantile Exchange. Brent crude for March delivery added 85 cents, or 1.09 percent, to close at 78.69 dollars a barrel on the London ICE Futures Exchange.

The U.S. Energy Information Administration (EIA) reported Thursday that the country's commercial crude oil inventories rose by 1.7 million barrels during the week ending Dec. 30. Analysts polled by S&P Global Commodity Insights had expected the report to show an increase of 4.5 million barrels in U.S. crude supplies.

According to the EIA, total motor gasoline inventories decreased by 0.3 million barrels last week, while distillate fuel inventories decreased by 1.4 million barrels.

On Wednesday, the WTI and Brent both shed over 5 percent to settle at their lowest levels in more than three weeks, hammered by recession fears and risk aversion.