India, March 14 -- 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. lawm...