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Oil Prices Rebound On Supply Woes

Oil prices rebounded Thursday, after having fallen to near two-week lows in the previous session on concerns about the outlook for energy demand.

Benchmark Brent crude futures rose half a percent to $90.28 a barrel, while WTI crude futures were up 0.6 percent at $83.47.

The focus returned to tight supplies after Russian President Vladimir Putin called up 300,000 reservists to fight in Ukraine and backed a plan to annex parts of the country.

The Russian leader also hinted at using nuclear weapons, accusing the West of trying to "weaken, divide and ultimately destroy our country."

The dollar's decline in international markets supported prices after the Bank of Japan said it had intervened in the forex exchange market to buy yen for the first time since 1998.

Markets also digested data from the U.S. Energy Information Administration (EIA) showing higher inventories across the board.

The EIA data showed crude stockpiles in the U.S. increased by 1.1 million barrels in the week ended September 16th versus an expected increase of 2.2 million barrels.

Gasoline inventories increased by 1.6 million barrels last week, while distillates stockpiles rose by 1.2 million barrels.

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