Oil prices climb on tight supply worries

Oil prices rose nearly $1 per barrel on Thursday after dropping through key technical support levels in the previous session, as an energy standoff between European nations and Russia focused investor minds on how tight fuel supply may become.

Brent crude futures LCoc1 rose by 91 cents, or 1%, to $88.91 per barrel by 0331 GMT after closing at their lowest since early February in the previous session. U.S. crude futures CLc1 were up 95 cents, or 1.2%, at $82.89 per barrel.

Prices drew support from Russian President Vladimir Putin’s threat to halt the country’s oil and gas exports if price caps are imposed by European buyers.

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