Global crude prices rose again after US President Donald Trump announced that Indian Prime Minister Narendra Modi had agreed to stop buying oil from Russia.
West Texas Intermediate (WTI) crude rose to near $59 a barrel on Thursday, rebounding from a five-month low, while Brent crude also strengthened to around $62 a barrel.
Trump, however, made it clear that New Delhi could not stop buying immediately, while stressing his intention to also pressure China to reduce its imports of Russian oil.
The two countries are among the world's largest oil consumers, and their actions are seen as important in Washington's efforts to increase pressure on Moscow's energy output.
The announcement went some way to allaying concerns about a possible global supply glut, after the International Energy Agency (IEA) projected a surplus of up to 4 million barrels per day by 2026.
Meanwhile, industry data showed US crude inventories rose by 7.4 million barrels last week, the biggest increase since July if confirmed by official reports.
The stockpiling adds to concerns about energy demand, amid trade tensions between the US and China that continue to cloud the outlook for global consumption.
