Muscat: Brent crude futures rose 32 cents to $63.03 a barrel by 11:30 GMT, recovering from a 3.8% drop a day earlier. U.S. West Texas Intermediate (WTI) crude also gained 28 cents to $77 a barrel after plunging 4.2% on Wednesday.
The slight recovery comes as the U.S. government imposed sanctions on Russia’s Lukoil, banning all transactions with the oil major after November 21 in a bid to pressure Moscow into peace talks over Ukraine.
Meanwhile, U.S. crude stockpiles increased by 1.3 million barrels for the week ending November 7, according to data from the American Petroleum Institute. The Energy Information Administration (EIA) is expected to release its official inventory figures later on Thursday.
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Prices had tumbled more than $2 a barrel on Wednesday after the Organization of the Petroleum Exporting Countries (OPEC) projected that global oil supply would outpace demand in 2026, a reversal from its earlier forecast of a deficit. OPEC attributed the shift to rising output from the OPEC+ alliance, which includes Russia.
The International Energy Agency (IEA) raised its global oil supply growth estimates for both this year and next, hinting at a wider surplus ahead. The U.S. EIA also revised up its production forecasts, predicting record-high oil output this year.
