Oil jittery as market weighs OPEC filling Russia supply gap

Oil prices rose on Thursday in volatile trade following a sharp drop in the previous session as the market contemplated whether major producers would boost supply to help plug the gap in output from Russia due to sanctions for its invasion of Ukraine.

Brent crude futures were up $2.53, or 2.28%, at $113.67 a barrel at 0651 GMT after trading in about a $5 range. The benchmark contract slumped 13% in the previous session in its biggest one-day drop in nearly two years.