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, with worries over tight supplies still clouding the market outlook.

Brent crude futures were up $1.19, or 1.2%, at $102.26 a barrel at 1306 GMT, while U.S. West Texas Intermediate (WTI) crude futures rose $1.34, or 1.4%, to $97.57 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