Oil prices recovered some lost ground on Thursday after seeing heavy losses in the previous two sessions on recession worries.
Benchmark Brent crude futures rose 0.8 percent to $101.45 per barrel, while WTI crude futures were up 0.8 percent at $99.31.
The upside remained supported by concerns of tight supply amid lower OPEC output.
The Biden administration has announced fresh sanctions on Iran late Wednesday amid continuing diplomatic efforts to revive the 2015 nuclear deal with Tehran.
The new measures target “an international network of individuals and entities” that the Department of the Treasury said facilitated the sale of U.S.-sanctioned Iranian petroleum and petrochemical products to East Asia.
Meanwhile, the American Petroleum Institute reported U.S. crude stockpiles rose by 3.825 million barrels last week, while analysts predicted a draw of 1.1 million barrels.
The build came after the Department of Energy released 5.9 million barrels from the Strategic Petroleum Reserves in the week ending July 1.
Closely-watched weekly government data on U.S. oil inventories will be released later in the session.
The material has been provided by InstaForex Company – www.instaforex.com
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