The price of U.S. crude oil increases following a decline, as traders consider the impact of Libya's disruption on global supply and demand from China.

• In August, the U.S. benchmark fluctuated between $71 and $80 per barrel, as traders grappled with Middle East tensions and sluggish demand from China.

On Thursday, U.S. crude oil futures increased to almost $75 per barrel, reversing a two-day decline. Traders are considering the impact of supply disruptions in Libya and slowing demand in China on their decisions.

Here are Thursday's energy prices:

• The October contract for crude oil is $74.92 per barrel, representing a 40 cent increase, or 0.54%. To date in the year, the US has seen a 4.6% increase in crude oil.
• The October contract price for oil is $78.87 per barrel, which represents a 26 cent increase or 0.34% rise compared to the previous month. On a year-to-date basis, the global benchmark is leading by 2.5%.
• Gasoline prices have remained relatively stable at $2.22 per gallon in September, with a year-to-date increase of 5.7% in gasoline prices.
• The September contract price for gas is $2.07 per thousand cubic feet, a decrease of 2 cents or 1.14%. To date, gas prices have fallen 17.5%.

Jeff Kilburg, founder of KKM Financial, stated on CNBC's "Power Lunch" on Wednesday that the October contract has been range-bound, but at the end of the month, we are at the lower end of the range.

In August, the U.S. benchmark fluctuated between $71 and $80 per barrel.

"The political dispute between rival governments in Libya is causing disruptions in the crude oil market, as the eastern government in Benghazi threatens to shut down all oil production and exports while the U.N.-backed western government in Tripoli seeks to replace the OPEC member's central bank head," Kilburg said.

On Monday, oil prices increased due to the threat of disruption, but later decreased as the market attempted to clarify the extent of the crude that would be removed from the market.

Crude futures have been negatively impacted by surging electric vehicle sales and tepid economic growth in China, resulting in a more bearish demand picture in the market.