Oil prices bounce up amid fears of tight supply

Oil prices rose by nearly a dollar a barrel on Thursday, after falling below key technical support levels in the previous session,

The energy standoff between European countries and Russia has focused investors’ attention on expectations about how tight fuel supplies will be.

Brent crude futures rose 91 cents, or 1%, to $88.91 a barrel by 0331 GMT, after closing at their lowest level since early February in the previous session.

US crude futures rose 95 cents, or 1.2 percent, to $ 82.89 a barrel, according to “Reuters”.

Prices received a boost from Russian President Vladimir Putin’s threat to halt the country’s oil and gas exports if European buyers impose a price ceiling.