Oil futures rose today, Thursday, from a three-week low touched in the previous session.
The rise in crude came after major consuming countries said they would release large amounts of oil reserves, while fears of tight supply still dominate market expectations.
Brent contracts rose by $1.48, or 1.5%, to $102.55 a barrel. And US crude contracts increased by $1.26, or about 1.3 percent, at $97.49 a barrel.
The two benchmarks lost more than 5% in the previous session, and recorded their lowest level at the close since last March 16.
The International Energy Agency said its member states would release 120 million barrels of strategic reserves to try to quell sharp price increases.
According to two sources familiar with Reuters, the figure will include 60 million barrels of strategic reserves in the United States.
This pledge is part of a previous US announcement of the withdrawal of 180 million barrels from reserves. But analysts and traders said that even with the release of oil stocks, supplies remain scarce.
