Oil rebounds from 16-week lows on prospects of tighter Russian crude sanctions
Oil prices rose on Thursday, snapping a three-day losing streak and rebounding from 16-week lows on prospects of tighter sanctions on Russian crude, though expectations of higher supply from an OPEC+ output boost next month capped gains.
Brent crude futures gained 15 cents, or 0.2%, to $65.50 a barrel by 0116 GMT. U.S. West Texas Intermediate crude climbed by 14 cents, or 0.2%, to $61.92 a barrel.
