Global oil prices rebounded sharply on Thursday, with both major crude benchmarks rising more than 3 percent after suffering steep losses in the previous trading session.
Brent Crude futures climbed $3.51, or 3.72 percent, to reach $97.8 per barrel by 0344 GMT. The more actively traded August contract also gained $3.35, or 3.63 percent, to trade at $95.6 per barrel.
Meanwhile, West Texas Intermediate crude futures rose $3.31, or 3.73 percent, to $91.99 per barrel.
The recovery came after both benchmarks dropped more than 5 percent during the previous session, touching their lowest levels in around a month amid broader market volatility and concerns over global demand trends.
Market participants continue to monitor supply-demand dynamics, geopolitical developments, and global economic indicators that could influence energy prices in the coming weeks.
