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Oil prices rebounded on Friday after falling sharply the previous day amid prospects of excess supply in the market and on concerns about the outlook for fuel demand.
Benchmark Brent crude futures rallied 1.2 percent to $70.69 a barrel in European trade, while WTI crude futures were up 1.3 percent at $67.39.
Both contracts slumped over 1 percent during Thursday's session after the International Energy Agency (IEA) warned of bigger-than-anticipated supply surplus if OPEC+ raises output beyond April.
The agency said global oil supply could exceed demand by around 600,000 barrels per day this year.
Oil prices found some support at lower levels today amid skepticism over peace prospects in Ukraine and signs that U.S. lawmakers will avert a government shutdown.
Russian President Vladimir Putin said that he was willing to commit to the ceasefire proposal suggested by the U.S. but required certain changes to be made.
The Ukrainian President alleged that Putin was "afraid" to tell U.S. President Donald Trump that he wanted to continue the war and "keep killing Ukrainians."
Elsewhere, the U.S. Department of the Treasury announced a new round of sanctions targeting Iran's oil industry and tankers after reports emerged that Iran's supreme leader Ayatollah Ali Khamenei was rejecting Trump's overtures for new talks.
Meanwhile, the U.S. Congress passed a second Continuing Resolution (CR) to extend federal spending and avert a government shutdown through March 14, 2025.
New hopes of Chinese stimulus also helped underpin prices after Chinese authorities announced that they would hold a press conference on "boosting consumption" on Monday.
