FX.co ★ Oil Futures Rebound, Settle Nearly 8.5% Up

Crude oil prices climbed higher on Thursday after a report from the International Energy Agency (IEA) about possible supply loss from Russia in the coming weeks due to the sanctions imposed on the country.

Slightly fading hopes about a ceasefire deal between Russia and Ukraine contributed as well to oil's uptick.

West Texas Intermediate Crude oil futures for April ended higher by $7.94 or about 8.4% at $102.98 a barrel.

Brent crude futures were up $9.46 or 9.7% at $107.44 a barrel a little while ago.

IEA warned that the implications of a potential loss of Russian oil exports to global markets cannot be understated. The agency's report said about 3 million barrels per day of Russian oil and products could be shut in from next month.

The IEA has acknowledged that Russia's invasion of Ukraine has brought energy security back to the forefront of political agendas. Citing the marked impact on inflation and economic growth that a sustained surge in oil and commodity prices could have, IEA has also lowered its expectations for GDP as well as oil demand.

Oil prices had tumbled on Wednesday after data from Energy Information Administration showed U.S. crude inventories dropped by 4.3 million barrels last week as against expectations for a 1.4 million barrel decline.