As market participants re-evaluated the prospects for supply and demand, oil prices marginally increased on Thursday after Brent crude registered its largest single-day fall in seven weeks the day before.

Brent crude futures soared by 0.5% to $81.01 per barrel while WTI crude futures added 0.5%, to $74.33.

On speculation that interest rates might rise more quickly, the two main gauges declined over $2 earlier.

The minutes from Fed’s meeting yesterday revealed that the majority of Fed officials concurred that the risks of high inflation is still a prominent issue influencing monetary policy and called for further rate increases until it is tamed.

Russia intends to reduce oil exports from its western ports by up to 25% in March compared to February, going above its stated production cuts of 500,000 barrels per day, which will help sustain oil prices.

Oil prices was shored up by Russia’s intention to trim March’s supply by 25% from the current one, which tops the earlier cut plan of 500,00 bpd.