Oil rises from 3-week low

Oil prices rose on Thursday from a three-week low touched in the previous session after consuming nations announced a huge release of oil from emergency reserves, as worries over tight supplies still clouded the market outlook.

Brent crude futures climbed $1.42 or 1.4 per cent, to $102.52 a barrel at 0651 GMT, while US West Texas Intermediate (WTI) crude futures rose $1.55, or 1.6 per cent, to $97.78 a barrel.

Both benchmarks plunged more than 5 per cent in the previous session and hit their lowest closing levels since March 16.

International Energy Agency member countries on Wednesday agreed to release 60 million barrels on top of a 180 million-barrel release announced by the United States last week to help drive down prices in a tight market following Russia's invasion of Ukraine.