Oil steadied following its biggest jump since July, after US President Donald Trump's increasingly hawkish rhetoric on Russia raised geopolitical risk.  

West Texas Intermediate traded above $64 a barrel after gaining 2.5% on Wednesday, while Brent settled above $69. Trump said NATO nations should shoot down Russian aircraft that violated their airspace and that Europe should stop purchasing energy from the OPEC+ member, leading oil investors to cut bearish positions. 

Meanwhile, US government data showed nationwide crude inventories declined to the lowest since January, adding to the bullishness. However, concerns over a looming glut were amplified after oil companies in Iraq's Kurdistan agreed with the federal and regional governments to resume exports that have been halted for more than two years.

Oil futures have been stuck in a narrow range since early August as traders balance a bearish fundamental outlook against escalating geopolitical tensions. Ukraine has also stepped up attacks on Russian energy infrastructure, with two key oil ports on Russia's Black Sea coast temporarily halting loadings after overnight warnings of drone strikes. 

WTI for November delivery slipped 0.4% to $64.72 a barrel at 7:20 a.m. in Singapore.

Brent for November closed 2.5% higher at $69.31 a barrel on Wednesday.

Source: Bloomberg