On Thursday, Oil prices followed a sharp drop in the previous session as the market contemplated whether major producers would boost supply to help plug the gap in output from Russia due to sanctions for its invasion of Ukraine.

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Brent crude futures were up $3.10, or 2.8 per cent at $114.24 a barrel at 0419 GMT after trading in a more than $5 range. The benchmark contract slumped 13 per cent in the previous session in its most significant one-day drop in nearly two years.

US West Texas Intermediate (WTI) crude futures were up $1.58, or 1.5 per cent at $110.28 a barrel, after trading in a more than $4 range. The contract had tumbled 12.5 per cent in the previous session in the most significant daily decline since November.