Crude oil prices advanced on Thursday, driven by short-covering activity as market participants secured supply ahead of the long US Independence Day weekend.
The move reflects a shift in sentiment toward risk-on positioning after a period of heightened volatility.
The price action comes as traders recalibrate risk exposure following a turbulent week that saw benchmarks shed nearly 10% of their value.
Brent crude futures and West Texas Intermediate (WTI) both posted gains in the session.
The price action comes as traders recalibrate risk exposure following a turbulent week that saw benchmarks shed nearly 10% of their value.
The recent rebound marks a technical recovery, with buyers stepping in to cover short positions before liquidity thins over the holiday break.
The rally builds on earlier gains seen at the start of Monday trading, when markets digested a weekend of renewed military activity around the Persian Gulf.