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 supply still clouding the market outlook.
Brent crude futures climbed $1.48 or 1.5%, to $102.55 a barrel at 0442 GMT, while U.S. West Texas Intermediate (WTI) crude futures rose $1.26, or 1.3%, to $97.49 a barrel.
Both benchmarks plunged more than 5% in the previous session and hit their lowest closing levels since March 16, Reuters reported.
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 in a tight market.
