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Global oil benchmark Brent hovered above $80 a barrel on Thursday after U.S. inflation data implied interest rates in the world's biggest economy are close to their peak.

Oil prices fell on Thursday, paring some of the previous day's gains, as investors took profits on concerns of further interest rate hikes dampening economic growth and global fuel demand while weak economic data in China also weighed on sentiment.

Oil prices edged higher on Tuesday, spurred by worries about political instability in Russia and possible supply disruptions, as well as U.S. demand hopes ahead of the summer driving season.

Oil prices inched lower on Wednesday after industry data showed an unexpected rise in U.S. crude stocks, signalling weak demand to markets already worried about recession and disappointing Chinese economic data.

Venezuela's oil exports fell 14% in May from the previous month as crude upgraders at its main oil region produced less exportable grades and state-run oil firm PDVSA struggled to replenish inventories, according to shipping data and documents.