Oil prices rose by nearly a dollar a barrel on Thursday, after falling below key technical support levels in the previous session, as the energy standoff between European nations and Russia focused investors' attention on expectations of tight fuel supplies.
Brent crude futures rose 91 cents, or 1%, to $88.91 a barrel by 3:31 GMT, after closing at their lowest level since early February in the previous session.
US crude futures rose 95 cents, or 1.2 percent, to $82.89 a barrel.
Prices received a boost from Russian President Vladimir Putin's threat to halt the country's oil and gas exports if European buyers impose a price ceiling.
The European Union proposed capping the price of Russian gas just hours later, raising the prospect of supply rationing in some of the world's richest countries this winter if Moscow carries out its threat.
Russia's Gazprom has already halted flows through the Nord Stream 1 pipeline, cutting off a significant portion of supplies to Europe.
