Oil prices edged higher in choppy trade on Thursday, supported by a pickup in equity markets but pressured by expectations that crude supply will exceed demand later this year.
Oil rose in tandem with a pickup in U.S. stock markets . Crude futures have moved in sync with equities uninterruptedly for the past 99 trading days, the longest such stretch in two years. The S&P 500 stock index rose about 0.15 percent.
Prices bounced around after the United States announced new sanctions against Russian individuals and groups, including Moscow's intelligence services and a Russian propaganda organization.