Oil prices rebounded in Asia on bargain hunting following sharp falls on the back of downbeat global economic data and easing concerns about the Ukraine crisis.
US benchmark West Texas Intermediate (WTI) for September delivery rose three cents to $95.61 while Brent crude for October was up 54 cents to $102.61 on its first day of trading.
WTI sank $2.01 in New York trade last night while the Brent contract for September delivery fell $2.27 to expire at $102.01, its lowest closing level since late June 2013.
The sharp falls in oil prices yesterday coincided with the release of data showing growth in the euro zone area stalled in the second quarter.
Germany, Europe's largest economy, shrank by 0.2%, and France, the second-largest, had zero growth for the second consecutive quarter. Prices were also under pressure after the release of a string of disappointing Chinese data earlier this week.
Analysts said that risk premiums associated with the armed insurgency in Ukraine, a key conduit for Russian energy exports to Europe, were continuing to unwind.
In a speech yesterday, Putin said Russia would not "fence itself off from the outside world" despite a plunge in East-West relations over the pro-Kremlin insurgency in Ukraine.
He said Moscow would not break ties with the US and Europe but "should also not let them treat us with disdain".
Russia is the world's second-largest oil producer. There are fears that tough Western sanctions against Russia for its seizure of Crimea in March and support for separatists in east Ukraine could affect its gas exports to Europe.