Oil prices increased Thursday after their biggest decline Wednesday by close to 6 percent, down to its lowest level in nearly 9 months, specifically since January 2022.
Oil prices rose during trading Thursday within the range of 1 percent, before reducing part of that rise.
Brent crude futures rose 63 cents, or 0.7 percent, to $88.63 a barrel, after closing at their lowest level since early February in the previous session.
US crude futures rose 70 cents, or 0.9 percent, to $82.64 a barrel.
On Wednesday, oil entered a big decline, with fears that the global economic slowdown would harm energy demand.
Prices received a boost from Russian President Vladimir Putin’s threat to halt the country’s oil and gas exports if European buyers impose price ceilings.
The European Union has proposed capping Russian gas prices after just hours, raising the risk of rationing in some of the world’s richest countries this winter if Moscow follows through on its threat.
Russia’s Gazprom has already halted flows from the Nord Stream 1 pipeline, cutting off a large proportion of supplies to Europe.