Oil prices bounced back on Thursday from a sharp drop in the previous session after the United Arab Emirates backtracked on statements saying that Opec and its allies might increase output to help to plug the gap in exports from Russia.
In a volatile market, Brent crude futures were up $4.90, or 4.4 per cent, at $116.04 a barrel by 1428 GMT after trading in an $8 range. The benchmark contract slumped 13 per cent in the previous session in its biggest daily drop in percentage terms for two years. At 17:30GMT Brent was at $112.9 a barrel.
US. West Texas Intermediate (WTI) crude futures were up $3.71, or 3.4 per cent, at $112.41 after trading in a $7 range. The contract had tumbled 12per cent in the previous session in the biggest daily decline since November.
