Oil rises from 3-week low as supply concerns linger | Reuters

Oil rises from 3-week low as supply concerns linger | Reuters

Oil prices rose on Thursday from a three-week low touched in the previous session after consuming nations announced a huge release of oil from emergency reserves, as worries over tight supplies still clouded the market outlook.

Brent crude futures climbed $1.05 or 1.%, to $102.12 a barrel at 0921 GMT, while U.S. West Texas Intermediate (WTI) crude futures rose 86 cents, or 0.9%, to $97.09 a barrel.

Both benchmarks plunged more than 5% in the previous session and hit their lowest closing levels since March 16.

International Energy Agency member countries on Wednesday agreed to release 60 million barrels on top of a 180 million-barrel release announced by the United States last week to help drive down prices amid supply fears following Russia's invasion of Ukraine. read more