Oil prices rebounded on Thursday following a sharp drop late on Wednesday as the market weighs expectations of OPEC producers boosting production to fill the shortfall in Russian supplies.
International benchmark Brent crude was trading at $112.66 per barrel at 0627 GMT for a 1.4% gain after closing the previous session at $111.14 a barrel.
American benchmark West Texas Intermediate (WTI) traded at $109.25 per barrel at the same time for a 0.5% increase after the previous session closed at $108.70 a barrel.
After the successive statements signaling a production boost in an already tight market, prices dropped 15% and retreated to $110 late on Wednesday, marking the biggest daily drop in nearly two years. However, prices began to revive on Thursday.
