Oil prices rose nearly 1 percent in early trading on Thursday after U.S. President Donald Trump announced that Indian Prime Minister Narendra Modi had pledged to stop India from buying oil from Russia, which supplies roughly one-third of its imports.
Brent crude futures gained 57 cents, or 0.9 percent, to reach $62.48 a barrel. West Texas Intermediate (WTI) crude futures increased 0.9 percent, or 54 cents, to $58.81.
Both benchmark crude prices had touched their lowest levels since early May in the previous session, weighed down by U.S.-China trade tensions. The International Energy Agency had earlier warned of a large surplus next year as OPEC+ producers increase output amid weak demand.
