Oil prices increased on Thursday as lower than anticipated reduction in Russian supplies was somewhat offset by an unexpected decline in U.S. oil stocks and a suspension of exports from Iraq's Kurdistan region.

Brent crude surged by 0.51% to $78.68 per barrel while West Texas Intermediate crude edged up by 0.71% to $73.49 per barrel.

The Energy Information Administration reported on March 24 that went beyond perfections, US crude oil stockpiles dropped to a two-year low during that week.

Based on a survey conducted by Reuters, analysts had projected a 100,000-barrel increase in crude inventories; the actual decrease in inventories was 7.5 million barrels.

Despite the continued suspension of exports from northern Iraq, oil prices have been shored up.

Following a stoppage to the northern export pipeline, producers in the semi-autonomous Kurdistan region of northern Iraq have shut in or restricted output at multiple oilfields, with further outages expected, according to company statements.