Oil prices climb after collapsing to minimum since start of February

Oil prices rose nearly $1 per barrel on Thursday after dropping through key technical support levels in the previous session, as an energy standoff between European nations and Russia focused investor minds on how tight fuel supply may become.

Brent crude futures rose by 91 cents, or 1%, to $88.91 per barrel by 0331 GMT after closing at their lowest since early February in the previous session. US crude futures were up 95 cents, or 1.2%, at $82.89 per barrel.

"The oil price trend is being shaped by 'various external forces such as the energy battle between Western countries and Russia,'" said analysts from Haitong Futures in a note.