Dhaka, Oct. 17 -- Oil prices climbed around 1per cent in early trade on Thursday after US President Donald Trump said Indian Prime Minister Narendra Modi had agreed to stop buying oil from Russia, which currently supplies nearly one-third of India's imports.

According to Reuters, Brent crude futures rose 57 cents, or 0.9per cent, to $62.48 a barrel, while US West Texas Intermediate (WTI) gained 54 cents to $58.81.

The rise follows recent declines caused by US-China trade tensions and warnings from the International Energy Agency about a potential supply surplus next year.

Trump said Washington would now seek similar action from China as part of its effort to cut Moscow's energy revenues and push for a peace deal in Ukraine.

India and ...